Contents
FINANCIAL STATEMENTS
02 Corporate Information
03 Directors' Review
06 Unconsolidated Condensed Interim Statement of Financial Position
08 Unconsolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income
- Unconsolidated Condensed Interim Statement of Changes in Equity
- Unconsolidated Condensed Interim Statement of Cash Flows
- Notes to the Unconsolidated Condensed Interim Financial Statements
GROUP'S CONSOLIDATED
FINANCIAL STATEMENTS
22 Consolidated Condensed Interim Statement of Financial Position
- Consolidated Condensed Interim Statement of Profit or Loss and other Comprehensive Income
- Consolidated Condensed Interim Statement of Changes in Equity
- Consolidated Condensed Interim Statement of Cash Flows
- Notes to the Consolidated Condensed Interim Financial Statements
Leading the Way
Nine Months ended March 31, 2023
01
Corporate
Information
BOARD OF DIRECTORS
Chairman
Mr. Sikandar Mustafa Khan
Chief Executive
Mr. Raheel Asghar
Directors
Mr. Sohail Bashir Rana
Mr. Laeeq Uddin Ansari
Mr. Qaiser Saleem
Mr. Saad Iqbal
Mr. Nasar Us Samad Qureshi
Mr. Muhammad Javed Rashid
Mrs. Ambreen Waheed
Company Secretary
Mr. Muhammad Faisal Azeem
Chief Financial Officer
Mr. Sohail A. Nisar
Auditors
EY Ford Rhodes
Chartered Accountants
Legal Advisors
Riaa Barker Gillete
Akhtar Ali & Associates
Ch. Law Associates Inn
Company Share Registrar
Karachi
CDC Share Registrar Services Limited. CDC House, 99 - B, Block 'B', S.M.C.H.S., Main Shahra-e-Faisal,Karachi-74400.
Tel: Customer Support Services (Toll Free) 0800-CDCPL (23275)
Fax: (92-21) 34326053
Email: info@cdcsrsl.com
Website: www.cdcsrsl.com
Lahore
Mezzanine Floor, South Tower, LSE Plaza,
Khayaban-E-Aiwan-E-Iqbal,
Lahore.
Tel: (92-42)-36362061-66
02
Islamabad
Room # 410,
4th Floor, ISE Towers, 55-B, Jinnah Avenue, Blue Area,
Islamabad.
Tel. (92-51)2895456-9
Bankers
Bank Alfalah Limited.
Habib Bank Limited.
MCB Bank Limited.
Standard Chartered Bank (Pakistan) Limited.
United Bank Limited.
Allied Bank Limited.
Meezan Bank Limited.
The Bank of Punjab
Industrial and Commercial Bank of China Limited
REGISTERED OFFICE
AND PLANT
9 - km Sheikhupura Road, Distt. Sheikhupura, Tel: 042-37911021-25
UAN: 111-200-786
Fax: 042-37924166, 37925835
Website: www.millat.com.pk
E-mail: info@millat.com.pk
REGIONAL OFFICES
Karachi
3-A, Faiyaz Centre, Sindhi Muslim
Co-operative Housing Society, Karachi.
Tel: 021-34553752
UAN: 111-200-786
Fax: 021-34556321
Islamabad
H. No. 22, St. No. 41, Sector F-6/1, Islamabad.
Tel: 051-2271470
UAN: 111-200-786
Fax: 051-2270693
Multan Cantt.
Garden Town, (Daulatabad), Shershah Road,
Multan Cantt.
Tel: 061-6537371
Fax: 061-6539271
Sukkur
House No B/106, Akuwat Nagar Society,
Near Gol Masjid, Airport Road, Sukkur.
Tel: 071-5815041
Fax: 071-5815042
Directors'
Review
I am pleased to present the interim unaudited financial statements of Millat Tractors Limited (the 'Company') for the nine months ended March 31, 2023, along with consolidated interim unaudited financial information of the Millat Group of Companies (the 'Group').
The economy of Pakistan continues to face strong headwinds. Average inflation has climbed to 31.6% from 12.2% in February 2022, on account of higher domestic energy prices, weaker currency, flood-related disruptions to supply, and restraints on imports caused by the balance of payment crisis. Nevertheless, your Company has been able to make sales of 13,775 units during the nine months ended March 31, 2023, against the sales of 25,866 units in the comparative period, representing a decrease of 46.7% from the previous period. Accordingly, the sales revenue has also decreased from Rs. 38.361 billion to Rs. 30.297 billion, representing a dip of 21%. Resultantly, the earnings per share (EPS) of the nine months ended March 31, 2023, witnessed a decline to Rs. 16.63 in contrast with EPS of Rs. 36.57 (restated) for the corresponding period, last year.
The rise in central banks' rates to curb inflation by most of the countries and Russia's war in Ukraine, continue to weigh on global economic activity. The global growth is projected to fall from an estimated 3.4% in 2022 to 2.9% in 2023, and the global inflation is expected to fall from 8.8% in 2022 to 6.6% in 2023. In most economies, amid the cost-of-living crisis, the priority remains achieving sustained disinflation. Although the energy cost has declined, the recent decision by OPEC+ to cut production, would likely result in an increase in the oil prices globally.
The parity of Pak Rupee against US Dollar is declining, which has resulted in higher input costs and inflation. The restrictions on import due to shrinking foreign reserves by the commercial banks has also caused supply chain disruptions. However, on a positive note, the fiscal deficit is projected to narrow down slightly to the equivalent of 6.9% of the gross domestic product (GDP) in FY 2023. The government has been able to restrict the fiscal deficit in terms of GDP at the same level as last year while primary balance remained in surplus. If the International Monetary Fund program remains on track, the deficit will likely continue to shrink in the medium term.
The economic outlook will be shaped largely by the restoration of political stability and the continued implementation of reforms. The management remains optimistic about its future, keeping in view the fiscal tightening measures adopted by the Government for the revival of Pakistan's economy. Increase in exports is the only option left to sustain the growth.
The Company has remained resilient in the face of adversity with an aim to sustain its long term growth and maximize the stakeholder value. This has been made possible due to the Company's relations with its vending associates, and the untiring efforts made by the Company's employees, vendors and all other stakeholders for sustaining the operations.
For and on behalf of the Board
Sikandar Mustafa Khan
Chairman
April 20, 2023
Lahore
Leading the Way
Nine Months ended March 31, 2023
03
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Millat Tractors Ltd. published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2023 05:26:03 UTC.