GHANDHARA AUTOMOBILES LIMITED First Quarterly Report
SEPTEMBER30,2022
(Un-Audited)
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
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
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
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 | 400/2, Gammon House | |
Main Canal Road, Lahore | Peshawar Road Rawalpindi Cantt. |
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First Quarterly Report
SEPTEMBER30,2022
Ghandhara Nissan Limited
Directors' Report
Your Directors are pleased to present the quarterly report alongwith the condensed interim financial statements of Ghandhara Nissan Limited for the first quarter ended September 30, 2022.
Economy at a Glance
The economy is currently undergoing a severe correction, triggered by both internal and external factors. Growth is now expected to reach only around 2 percent in FY23. Due to higher energy prices, the weaker Rupee, and flood-related disruptions to agricultural production, inflation is projected to rise to around 23 percent in FY23.
Although, revival of domestic activities remained on track during the quarter, the rapid increase in both the deficits and inflation necessitated tightening of monetary policy and a tighter fiscal stance.
Auto-Sector
During the first quarter, the auto sector faced serious unforeseen external challenges on account of unprecedented depreciation of PKR against the US Dollar, challenges in opening letters of credit imposed by SBP as a result of dwindling foreign exchange reserves will further induce halt in manufacturing resulting in loss of production.
As per PAMA, sales volumes of auto industry for Heavy Commercial Vehicles (HCVs) were 852 units during the quarter ended September 30, 2022 as compared to 1,570 units during the corresponding period of last year showing a decline of 46%. Similarly, for Light Commercial Vehicles (LCVs), sales were 1,345 units during the quarter ended September 30, 2022 as compared to 4,338 units during the corresponding period of last year showing a decline of 69%.
Financial Results of the Company
The financial results for the period ended September 30, 2022 are summarized below:
Quarter ended | ||
September | September | |
2022 | 2021 | |
(Rupees in thousands) | ||
Revenue | 2,927,723 | 969,916 |
Gross Profit | 55,002 | 142,842 |
Operating (Loss)/ Profit | (18,307) | 93,681 |
Net (Loss)/ Profit after tax | (78,366) | 67,067 |
(Loss)/ Earnings Per Share (Rupees) | (1.37) | 1.18 |
Reasons for the Loss and Future Prospects of Profit
The main reason of loss during the quarter is fall in gross profit of the company as a result of FOREX impact on the cost of imported material and higher cost of doing business.
Management is continuously making efforts for growth in sales volumes and profitability. However, rupee devaluation and increase in global commodity prices are posing new challenges.
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 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 04:28:04 UTC.
