Baluchistan Wheels : Transmission of Quarterly Report for the Period Ended

Car Wheels

Truck / Bus Wheels

Commercial Vehicles

Wheels

Pick-up / Vans / Jeep

Wheels

Agricultural Tractor

Wheels

Export / Moving Around

The World

Company Information 03

Director's Report (English) 04

Director's 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)

Syed Haroon Rashid

CHIEF EXECUTIVE Mr. Razak H.M. Bengali

INDEPENDENT DIRECTORS Mr. Anis Wahab Zuberi

Mr. Irfan Ahmed Qureshi Mr. Muhammad Javed

EXECUTIVE DIRECTORS Mr. Muhammad Siddique Misri Mr. Muhammad Irfan Ghani

NON-EXECUTIVE DIRECTORS Mr. Aamir Amin

Mrs. Saba Nadeem

CHIEF FINANCIAL OFFICER

Mr. Muhammad Yasin Yunus Ladha

COMPANY SECRETARY

Mr. Muhammad Asad Saeed

AUDIT COMMITTEE

Mr. Anis Wahab Zuberi Mr. Aamir Amin

Mr. Irfan Ahmed Qureshi Mrs. Saba NadeemDirector Marketing/ Business Development Chief Operating Officer

(Nominee - NIT)

Independent, Non-Executive Director Non-Executive Director (Nominee - NIT) Independent, Non-Executive Director Non-Executive Director

HUMAN RESOURCE AND REMUNERATION COMMITTEE

Mr. Muhammad Javed Syed Haroon Rashid Mr. Anis Wahab Zuberi

Mr. Muhammad Irfan Ghani

MANAGEMENT COMMITTEE Mr. Razak H.M. Bengali Mr.Muhammad Siddique Misri Mr.Muhammad Irfan Ghani Mr.Muhammad Yasin Yunus Ladha Lt. Col. (R) Mehboob Ahmed

Mr. Fareed Abdul Razzak Syed Pervez Akhtar

Mr. Muhammad Asad Saeed Mr. Kumail Irfan Ghani

CHIEF INTERNAL AUDITOR Hafiz Shoaib Ahmed ChauhanIndependent, Non-Executive Director Non-Executive Director Independent, Non-Executive DirectorChairman Member Member MemberChairman Member MemberChief Operating Officer(Executive Director) Member

Chief Executive

Director Marketing/ Business Development Chief Operating Officer

S.G.M (Finance) / Chief Financial Officer G.M (Technical)

G.M (Finance) / Deputy CFO G.M (HR / IR)

D.G.M (Finance) / Company Secretary D.G.M (Supply & Services)EXTERNAL AUDITORS BDO Ebrahim & Co. (Chartered Accountants)

LEGAL ADVISOR

Mohsin Tayebaly & Company (Advocates)

TAX CONSULTANTS

Baker Tilly Mehmood Idrees Qamar (Chartered Accountants)

BDO Ebrahim & Co. (Chartered Accountants)

BANKERS

Habib Bank Limited Bank Al-Habib Limited Faysal Bank Limited National Bank of Pakistan

SHARE REGISTRAR

THK Associates (Pvt) Limited

Plot # 32-C2, Jami Commercial Street 2,

DHA Phase VII Karachi 75500-

UAN#+92(21) 35310185

Direct:+92 (21) 35310188

Fax#+92 (21) 34168271

HEAD OFFICE

1st Floor,State Life Building # 3 Dr.Ziauddin Ahmed Road,Karachi. E-mail:bwlfin@cyber.net.pkWebsite:http://www.bwheels.comTelephone # 35689259,35683474,35687502 Fax # 35684003

FACTORY AND REGISTERED OFFICE Main RCD Highway, Hub Chowki, Lasbella, Baluchistan.

Telephone # (0853) 363426,363428 Fax # (0853) 364025

D.G.M (IA)

The Directors take pleasure in presenting the Un-Audited Condensed Interim Financial Statementsfor the nine months ended March 31, 2022.

FINANCIAL RESULTS

During the period (July2021 - March 2022)the Company had overall consolidated revenue of Rs. 2,037million as compared to Rs. 1,081million of corresponding period of last year increased substantiallyby 88%.

The car wheels sale was Rs. 1,051million as compared to Rs. 469million in the corresponding period of previous year (increased significantly by 124%).The sale of Truck/Bus wheels increased from Rs. 101 million to Rs. 186 million (increased by 85%). Similarly, the sale of Tractor wheels increased from Rs. 446million to Rs. 693million (increased by 55%) respectively.

The Gross Profit increased in absolute terms by Rs. 239.359 million from Rs. 145.373million to Rs. 384.733 million (i.e. 165%). Similarly the profit after taxation increasedsignificantlyby Rs. 114.698 million (i.e. 237%) from Rs. 48.389million to Rs. 163.086million. The main reason for increase in gross profit and profit after taxation is due to the higher demand of wheels in all segments which is due to the robust sales of Auto Sector during the period under review as the Assemblers are cashing in on the strong demand backlog and improvement in supply chain.

There are no significant changes in Contingencies and Commitments as disclosed in note 28 of the Financial Statements for the year ended June 30, 2021 except that on January 06, 2022, the Honorable Banking court No. III has dismissed suit # 53 of 2017, which National bank of Pakistan (NBP) has filed against the Company (BWL) for recovery of payment made to Privatization commission amounting to Rs. 91.25 million, but the NBP has preferred to file an appeal against this order. However, the management of the company is confident that the outcome of the appeal will in the Company's favors.

FUTURE OUTLOOK

The demand for Autos remained upbeatduring the period under review and the Auto Sector posted a robust performance in the first nine months of the current year (July 2021 - March 2022) and sales are likely to remain buoyant till the end of FY 2022. The massive growth in sales volume is mainly due to improved purchasing power amid rapid economic recovery and consumers interest in buying new vehicles despite rising vehicle prices on account of Rupee depreciation against the US Dollar, soaring freight rates, increase in interest rates and curbs on auto financing by the State Bank of Pakistan.

The profitability of Auto assemblers has increased tremendously in the post-Covid-scenario. However the unprecedented increase in input cost (Steel, energy, transportation, etc.) is expected to hit the future profitability of the Automobile sector before it normalizes over time.

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