Baluchistan Wheels : Transmission of Quarterly Report for the Period Ended September 2022

Company Information	03
Directors' Report (English)	04
Directors' Report (Urdu)	07
Condensed Interim Statement of	08
Financial Position
Condensed Interim Statement of	09
Profit or Loss
Condensed Interim Statement of	10
Comprehensive Income
Condensed Interim Statement of	11
Cash Flow
Condensed Interim Statement of	12
Changes in Equity
Notes to the Condensed Interim	13
Financial Statements

CHAIRMAN (Non-Executive Director)			EXTERNAL AUDITORS
Mr. Anis Wahab Zuberi			BDO Ebrahim & Co.
			(Chartered Accountants)
CHIEF EXECUTIVE
Mr. Razak H.M. Bengali			LEGAL ADVISOR
			Mohsin Tayebaly & Company
INDEPENDENT DIRECTORS			(Advocates)
Syed Zubair Ahmed Shah
Mr. Aamir Amin			TAX CONSULTANTS
Mr. Irfan Ahmed Qureshi			Baker Tilly Mehmood Idrees Qamar
Mr. Muhammad Javed			(Chartered Accountants)
EXECUTIVE DIRECTORS			BDO Ebrahim & Co.
Mr.Muhammad Siddique Misri	Director Marketing/ Business Development		(Chartered Accountants)
Mr. Muhammad Irfan Ghani	Chief Operating Officer
			BANKERS
NON-EXECUTIVE DIRECTORS			Habib Bank Limited
Mrs. Saba Nadeem			Bank Al-Habib Limited
			Faysal Bank Limited
CHIEF FINANCIAL OFFICER			National Bank of Pakistan
Mr. Muhammad Yasin Yunus Ladha
			SHARE REGISTRAR
COMPANY SECRETARY			THK Associates (Pvt) Limited
Mr. Muhammad Asad Saeed			Plot # 32-C 2, Jami Commercial Street 2, D.H.A.
			Phase VII Karachi - 75400.
AUDIT COMMITTEE			UAN#[phone]
Syed Zubair Ahmed Shah	Independent Director	Chairman	Direct:[phone]
Mr. Anis Wahab Zuberi	Non-Executive Director	Member	Fax#[phone]
Mr. Aamir Amin	Independent Director	Member
Mr. Irfan Ahmed Qureshi	Independent Director	Member	HEAD OFFICE
			1st Floor,State Life Building # 3
HUMAN RESOURCE AND REMUNERATION COMMITTEE		Dr.Ziauddin Ahmed Road,Karachi.
Mr. Muhammad Javed	Independent Director	Chairman
Syed Zubair Ahmed Shah	Independent Director	Member	E-mail:[e-mail]
Mr. Anis Wahab Zuberi	Non-Executive Director	Member	Website:http://www.bwheels.com
Mr.Muhammad Irfan Ghani	Chief Operating Officer(Executive Director)	Member	Telephone # [phone]
			Fax # [phone]
MANAGEMENT COMMITTEE			FACTORY AND REGISTERED OFFICE
Mr.Razak H.M.Bengali	Chief Executive		Main RCD Highway, Hub Chowki,
Mr.Muhammad Siddique Misri	Director Marketing/ Business Development		Lasbella, Baluchistan.
Mr.Muhammad Irfan Ghani	Chief Operating Officer		Telephone # [phone],28
Mr.Muhammad Yasin Yunus Ladha	S.G.M (Finance) / Chief Financial Officer		Fax # [phone]
Lt. Col. (R) Mehboob Ahmed	G.M (Technical)
Mr. Fareed Abdul Razzak	G.M (Finance)/Deputy CFO
Syed Pervaiz Akhter	G.M (HR/IR)
Mr. Muhammad Asad Saeed	D.G.M (Finance) / Company Secretary
Mr. Kumail Irfan Ghani	D.G.M (Supply & Services)
CHIEF INTERNAL AUDITOR
Hafiz Shoaib Ahmed Chauhan	D.G.M (CIA)

The Directors take pleasure in presenting the Un-Audited Condensed Interim Financial Statements for the 1st Quarter ended September 30, 2022.

FINANCIAL RESULTS

During the period (July- September 2022) the Company had overall consolidated revenue of Rs. 403 million as compared to Rs. 547 million of corresponding period of last year (decreased by 26%).

The car wheels sale was Rs. 191 million as compared to Rs. 286 million in the corresponding period of previous year (decreased by 33%).Sale of Truck/Bus wheels decreased from 49 million to Rs. 48 million (decreased by 3%). Similarly, the sale of Tractor wheels decreased from Rs. 196 million to Rs. 142 million (decreased by 27%) respectively.

The Gross Profit remained in the same vicinity and stood at the level of Rs. 90.522 million. However the profit after taxation decreased by Rs. 8.245 million (i.e. 23%) from Rs. 35.841 million to Rs. 27.596 million. The main reason for decline in profit after taxation is due to the effect of exchange loss on retirement / payment of import documents during the period under review.

There are no significant changes in Contingencies and Commitments as disclosed in Note 30 of the Financial Statements for the year ended June 30, 2022.

FUTURE OUTLOOK

The recent flood in the country has destroyed the major portion of the infrastructure and washed off many houses, crops alongwith the casualties of hundreds of the people throughout the Country and likely to adversely affect the output of cotton and rice as well as livestock sector this year as a result there will be a significant decline in sale of tractor wheels.

Auto sector in the financial year (FY) 2023 is expected to witness slump in sales volume owing to price hike by automakers and will be exposed to various risk factors like high interest rates, rising inflation and constant depletion of Pak Rupee against US dollar, fiscal measures taken by the SBP for reduction of CKD import quota to auto-makers. These factors have led to slowdown in auto demand and may suppress/ decline the sale of Vehicles by almost 50% during FY 2023.

The management being conscious of the challenges that lie ahead and continuously evolving strategies and adopting measures to meet future challenges and to maintain business growth.

ACKNOWLEDGEMENT

We take this opportunity to thank our customers and all the stakeholders who reposed their trust and confidence in the company and acknowledge the efforts of the entire BWL team including our staff and workers and look forward to their continued support.

May Allah bless us and help us to achieve success for your company and for the benefit of all stake holders, and the Country in general. Aameen!

For and on Behalf of the Board

Razak H.M. Bengali	Muhammad Siddique Misri
Chief Executive	Director

Karachi: October 21, 2022