Harischandra Mills : INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31 DECEMBER 2022

HARISCHANDRA MILLS PLC.

INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31 DECEMBER 2022

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the nine months ended 31 December 2022

	CORPORATE INFORMATION
Legal form	Subsidiary company
A Public Company with Limited Liability	Harischandra Mills (Distributors) Limited
incorporated in Sri Lanka, whose shares	(wholly owned) incorporated in Sri Lanka
are Listed in the Colombo Stock Exchange.
Registration No.	Board of Directors
PQ 225	Bandaranayake T.K. (Chairman) (w.e.f.01 October 2022)
	Samarasinghe S.N. (Managing Director)
Date of incorporation	De Silva G.S.V.
9th January 1953	De Silva M.P. (Mrs.)
	Jayasundara S. A S.
Registered office	Samarasinghe R.K (Mrs.)
No. 11, C.A.Harischandra Mawatha, Matara.	Kobbekaduwa R. (Mrs.) (w.e.f.01 October 2022)
Secretaries	Remuneration Committee
Corporate Services (Pvt) Limited.	Bandaranayake T.K. (Chairman)
216, De Saram Place,	Jayasundara S. A S.
Colombo 10
Auditors	Audit Committee
KPMG	Bandaranayake T.K.(Chairman)
(Chartered Accountants)	Jayasundara S. A S.
32A, Sir Mohamed Macan Markar Mawatha,
Colombo 3.
Internal auditors	Related Party Transactions Review
Ernst & Young	Committee
(Chartered Accountants)	Bandaranayake T.K.(Chairman)
201, De Saram Place,	Jayasundara S. A S.
Colombo 10	Samarasinghe S.N.
Legal advisors
F J & G De Saram
Attorneys - at - Law
216, De Saram Place,
Colombo 10

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HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the nine months ended 31 December 2022

INCOME STATEMENT
GROUP
					Quarter Ended				Nine Months Ended				Year Ended
					31 December				31 December				31 March
																	(Audited)
				2022	2021		VARIANCE	2022	2021		VARIANCE	2022
					Rs. '000		Rs. '000	%		Rs. '000		Rs. '000	%		Rs. '000
Revenue				1,768,441	1,225,772	44	4,723,683	3,277,192	44	4,581,110
Cost of sales				(1,590,542)	(1,008,143)	58	(4,151,436)	(2,636,148)	57	(3,742,676)
Gross profit				177,899	217,629	(18)	572,247	641,044	(11)	838,434
										12%	0
Other income				7,419	5,076	46	19,214	11,372	69	17,870
				185,318	222,705	(17)	591,461	652,416	(9)	856,304
Administrative expenses			(104,491)	(85,859)	22	(290,689)	(246,736)	18	(324,594)
Selling & distribution expenses		(99,446)	(67,408)	48	(255,399)	(194,069)	32	(269,899)
Result from operating activities		(18,619)	69,438	(127)	45,373	211,611	(79)	261,811
Finance income				8,495	5,264	61	21,356	11,247	90	9,379
Finance expenses			(6,462)	(2,023)	219	(9,540)	(7,528)	27	(9,361)
Net finance income/(expenses)		2,033	3,241	(37)	11,816	3,719	218	18
Profit/(Loss) from ordinary activities before tax	(16,586)	72,679	(123)	57,189	215,330	(73)	261,829
Income tax expenses			2,985	(13,334)	(122)	(10,294)	(39,012)	(74)	(52,407)
Profit/(Loss)	after	taxation	attributable	to
shareholders of Harischandra Mills PLC	(13,601)	59,345			46,895	176,318			209,422
					Rs.		Rs.				Rs.		Rs.				Rs.
Basic/Diluted Earnings per Share		(7.09)	30.92			24.43	91.85			109.10

Notes :

The above figures are provisional and subject to audit.

Figures in brackets indicate deductions.

All values are in Rs.'000, unless otherwise stated.

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HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the nine months ended 31 December 2022

STATEMENT OF COMPREHENSIVE INCOME
GROUP
	Quarter Ended					Nine months ended				Year Ended
	31 December					31 December					31 March
															(Audited)
	2022			2021		VARIANCE	2022			2021		VARIANCE	2022
	Rs. '000	Rs. '000	%		Rs. '000	Rs. '000	%		Rs. '000
Profit/(Loss) for the period	(13,601)			59,345	(123)	46,895			176,318	(73)	209,422
Other comprehensive income will not be reclassified to income
statement in subsequent periods
Actuarial loss from Re- measurement of employee
benefit obligation	-			-	-	-			-	-	18,576
Related Taxes	-			-	-	-			-	-	(3,344)
Other comprehensive income for the period	-			-	-	-			-	-	15,232
Total comprehensive income for the period	(13,601)			59,345	(123)	46,895			176,318	(73)	224,654

Notes :

The above figures are provisional and subject to audit.

Figures in brackets indicate deductions.

All values are in Rs.'000, unless otherwise stated.

`

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HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

As at 31 December 2022

STATEMENT OF FINANCIAL POSITION
GROUP
	As at		As at		As at
	31.12.2022	31.12.2021	31.03.2022
					(Audited)
	Rs. '000		Rs. '000		Rs. '000
ASSETS
Non-current assets
Property, plant & equipment	816,652	869,834	851,256
Intangible assets	1,092	1,130	1,387
Right of use asset	38,325		53,160		49,451
Total non-current assets	856,069	924,124	902,094
Current assets
Inventories	632,063	545,419	445,331
Trade and Other Receivables	597,849	469,751	501,092
Investment in unit trusts	6,159	7,635	6,798
Tax receivable	32,771	-	-
Investment in Fixed Deposits	233,658	298,195	252,422
Cash & bank balances	8,730		38,647		183,080
Total current assets	1,511,230	1,359,647	1,388,723
Total assets	2,367,299		2,283,771		2,290,817
EQUITY & LIABILITIES
Equity
Stated capital	105,578	105,578	105,578
Other capital reserves	7,011	7,011	7,011
General Reserve	12,841	12,841	12,841
Retained earnings	1,423,458	1,432,921	1,482,141
Total equity attributable to equity holders of the company	1,548,888		1,558,351		1,607,571
Non Current Liabilities
Deferred liabilities	176,884	224,628	177,027
Total non current liabilities	176,884		224,628		177,027
Current Liabilities
Trade and Other Payables	436,590	391,688	400,283
Provision for taxation		1,196	8,073
Bank overdraft	204,937		107,908		97,863
Total current liabilities	641,527		500,792		506,219
Total liabilities	818,411	725,420	683,246
Total equity & liabilities	2,367,299		2,283,771		2,290,817
	Rs.		Rs.		Rs.
Net Assets Value Per Share	806.88	811.81	837.45

Notes:
The above figures are provisional and subject to audit.
All values are in Rs.'000, unless otherwise stated.	`
I certify that these Financial Statements comply with the requirements of the Companies	Act No.07 of 2007.
…………………………………..
Sgd
C.T.Gajanayake - Chief Financial Officer
Signed for and on behalf of the Board,
Sgd.		Sgd.
…………………………………		……………………………….
S.N.Samarasinghe		G.S.V.De Silva
Managing Director		Director
10 February 2023

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