GHANDHARA AUTOMOBILES LIMITED QUARTERLY REPORT
MARCH31,2023
A U T O M O B I L E S L I M I T E D
(Formerly Ghandhara Nissan Limited)
Condensed Interim
Condensed Interim
Notes to the
Directors' Review
Directors' Review on
Consolidated
Consolidated Condensed Profit or Loss
Consolidated Condensed of Changes in
Consolidated Condensed of Cash
Notes to the Consolidated Interim Financial Statements
Corporate Information
Board of Directors
Lt. Gen. (Retd.) Ali Kuli Khan Khattak | Chairman |
Mr. Ahmad Kuli Khan Khattak | Chief Executive Officer |
Mrs. Shahnaz Sajjad Ahmad | |
Mr. Sikandar Kuli Khan Khattak | |
Mr. Mohammad Zia | |
Syed Haroon Rashid | |
Mr. Muhammad Saleem Baig | |
Mr. Polad Merwan Polad | |
Mr. Salman Rasheed (FCA) | |
Mr. Muhammad Jawaid Iqbal (CFA) |
Chief Financial Officer
Ms. Bushra Hanif Farooqui (ACA)
Company Secretary
Mr. Muhammad Sheharyar Aslam (ACA)
Audit Committee
Mr. Polad Merwan Polad | Chairman |
Lt. Gen. (Retd.) Ali Kuli Khan Khattak | Member |
Mr. Salman Rasheed (FCA) | Member |
Mr. Muhammad Zia | Member |
Mr. Muhammad Saleem Baig | Member |
Human Resource &
Remuneration Committee
Mr. Muhammad Jawaid Iqbal (CFA) | Chairman |
Mr. Ahmad Kuli Khan Khattak | Member |
Mrs. Shahnaz Sajjad Ahmad | Member |
Mr. Mohammad Zia | Member |
Mr. Polad Merwan Polad | Member |
Auditors
M/s. Shinewing Hameed Chaudhri & Co.
Bankers of the Company
National Bank of Pakistan
Faysal Bank Limited
Habib Bank Limited
Allied Bank Limited
United Bank Limited
Soneri Bank Limited
MCB Bank Limited
Standard Chartered Bank (Pakistan) Limited
Industrial & Commercial Bank of China
The Bank of Punjab
The Bank of Khyber
Meezan Bank Limited - (Shariah)
Bank Al Habib Limited
Bank Alfalah Islamic - (Shariah)
JS Bank Limited
Samba Bank Limited
Bank Islami Pakistan Limited - (Shariah)
Dubai Islamic Bank Pakistan Limited - (Shariah)
Habib Metropolitan Bank Limited
MCB Islamic Bank Limited - (Shariah)
NTN: 0802990-3
Sales Tax Registration No: 12-03-8702-001-46
Share Registrars
CDC Share Registrar Services Ltd.
CDC House, 99-B,Block-B
S.M.C.H.S., Main Shahra-e-Faisal
Karachi.
Legal & Tax Advisors
M/s. L E X F I R M A
Advocates, Barristers & Legal Consultants 418, Continental Trade Centre, Clifton, Karachi.
M/s. Shekha & Mufti
Chartered Accountants
C-253, PECHS., Block 6, Off Shahrah-e-Faisal, Karachi.
Chartered Accountants | Registered Office |
5th Floor, Karachi Chambers, Hasrat Mohani Road, Karachi | F-3, Hub Chowki Road, S.I.T.E., Karachi |
Factory
Truck / Car Plants
Port Bin Qasim, Karachi
Regional Offices
First Floor, Laban's Arcade
Main Canal Road, Lahore
400/2, Gammon House Peshawar Road Rawalpindi Cantt.
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Nine Months Ended
MARCH31,2023
Ghandhara Automobiles Limited
(Formerly Ghandhara Nissan Limited)
Directors' Report
The Directors are pleased to present the report along with the unaudited condensed interim financial statements of Ghandhara Automobiles Limited (Formerly Ghandhara Nissan Limited) for the Nine months ended March 31, 2023.
Despite challenges and uncertainties, economy is showing continuous signs of resilience as depicted through contained fiscal and current account deficit during the current FY. This has been the result of Government's policies to discourage imports especially related to the non-essential sectors. Import of luxury items have been either restricted or imposed with significantly higher duties and taxes. Thus, forex reserves have remained comparatively stable during the recent past after a mammoth fall since last year. Moreover, the Government is firmly inclined to successfully complete the IMF's EFF program, which includes necessary policy measures and will bring additional relief to the financial account of the balance of payments. The policy measures are intended to bring expenditures more in line with the income generated within the country. At fiscal front, Government is pursuing fiscal consolidation in order to reduce the overall fiscal deficit through expenditure management, austerity measures, and revenue mobilization.
The industry continues to face CKD shortages due to the State Bank's (SBP) restrictions on opening new letters of credit (LCs), resulting in plant closures and long delivery times for vehicles.
As per PAMA, sales volumes of auto industry for Heavy Commercial Vehicles (HCVs) were 2,825 units during the nine months ended March 31, 2023 as compared to 4,493 units during the corresponding period of last year showing a decline of 37%. For Light Commercial Vehicles (LCVs), sales were 1,488 units during the nine month ended March 31, 2023 as compared to 1,996 units during the corresponding period of last year showing a decline of 25%. Whereas for Passenger Car segment, sales were 39,912 units during the nine-month ended March 31, 2023 as compared to 75,207 units during the corresponding period of last year showing a decline of 47%.
Financial Results of the Company
The financial results of the Company for the period ended March 31, 2023 are summarized below:
Nine Months Ended | ||
March | March | |
2023 | 2022 | |
(Rupees in thousands) | ||
Revenue | 9,165,02 | 3,395,350 |
Gross Profit | 584,893 | 398,129 |
Operating Profit | 495,274 | 260,090 |
Net Profit after tax | 113,718 | 163,917 |
Earnings Per Share (Rupees) | 1.99 | 2.88 |
Related Party Transactions
All transactions with related parties have been executed at arm's length and have been disclosed in the financial statements.
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Ghandhara Nissan Ltd. published this content on 02 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 04:35:10 UTC.
