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My Report
| Other reserves | |||||||||||||
| Note | Stated capital Rs. ’000 |
Statutory reserve fund Rs. ’000 |
Retained earnings Rs. ’000 |
Revaluation reserve Rs. ’000 |
Fair value reserve Rs. ’000 |
Foreign currency translation reserve Rs. ’000 |
Hedging reserve Rs. ’000 |
Employee share option reserve Rs. ’000 |
General reserve Rs. ’000 |
Shareholders’ funds Rs. ’000 |
Non- controlling interest Rs. ’000 |
Total equity Rs. ’000 |
|
| Balance as at December 31, 2021 | 54,566,957 | 10,204,368 | 9,028,265 | 10,195,652 | (11,980,175) | 4,064,722 | (56,342) | 150,529 | 88,720,003 | 164,893,979 | – | 164,893,979 | |
| Adjustment for surcharge tax levied under the Surcharge Tax Act No. 14 of 2022 | 54 | – | – | (5,036,184) | – | – | – | – | – | – | (5,036,184) | – | (5,036,184) |
| Adjusted balance as at January 01, 2022 | 54,566,957 | 10,204,368 | 3,992,081 | 10,195,652 | (11,980,175) | 4,064,722 | (56,342) | 150,529 | 88,720,003 | 159,857,795 | – | 159,857,795 | |
| Total comprehensive income for the year 2022 | |||||||||||||
| Profit for the year | – | – | 22,969,791 | – | – | – | – | – | – | 22,969,791 | – | 22,969,791 | |
| Other comprehensive income, net of tax | – | – | (14,793) | (799,110) | 12,058,918 | 14,876,983 | 92,896 | – | – | 26,214,894 | – | 26,214,894 | |
Net actuarial gains/(losses) on defined benefit plans |
– | – | (22,166) | – | – | – | – | – | – | (22,166) | – | (22,166) | |
Gain on disposal of investments in equity instruments |
– | – | 7,373 | – | – | – | – | – | – | 7,373 | – | 7,373 | |
Net change in revaluation surplus |
55.1 | – | – | – | (799,110) | – | – | – | – | – | (799,110) | – | (799,110) |
Net fair value gains/(losses) on remeasuring financial assets measured at fair value through other comprehensive income |
55.3 | – | – | – | – | 12,058,918 | – | – | – | – | 12,058,918 | – | 12,058,918 |
Net gains/(losses) arising from translating the Financial Statements of the foreign operations |
55.4 | – | – | – | – | – | 14,876,983 | – | – | – | 14,876,983 | – | 14,876,983 |
Cash flow hedges – effective portion of changes in fair value, net of tax |
55.6 | – | – | – | – | – | – | 92,896 | – | – | 92,896 | – | 92,896 |
| Total comprehensive income for the year 2022 | – | – | 22,954,998 | (799,110) | 12,058,918 | 14,876,983 | 92,896 | – | – | 49,184,685 | – | 49,184,685 | |
| Transactions with owners recognised directly in equity, contributions by and distributions to owners | |||||||||||||
| Issue of ordinary voting shares under employee share option plans | 51 | – | – | – | – | – | – | – | – | – | – | – | – |
| Transfer o/a share-based payment transactions | 51 | – | – | – | – | – | – | – | – | – | – | – | – |
| Transfer of cost o/a of expired ESOP shares (net of tax) | 54 & 55.5 | – | – | – | – | – | – | – | – | – | – | – | – |
| Dividends to equity holders | 3,582,664 | – | (8,926,468) | – | – | – | – | – | – | (5,343,804) | – | (5,343,804) | |
First & final dividend for 2021 satisfied in the form of cash |
25 | – | – | (5,373,996) | – | – | – | – | – | – | (5,373,996) | – | (5,373,996) |
First & final dividend for 2021 satisfied in the form of issue and allotment of new shares |
25 | 3,582,664 | – | (3,582,664) | – | – | – | – | – | – | – | – | – |
Unclaimed dividend absorbed/(dividend paid) in respect of previous years |
– | – | 30,192 | – | – | – | – | – | – | 30,192 | – | 30,192 | |
| Share-based payment transactions | 55.5 | – | – | – | – | – | – | – | – | – | – | – | – |
| Transfers during the year | 53 to 55 | – | 1,148,490 | (12,428,490) | – | – | – | – | – | 11,280,000 | – | – | – |
| Total transactions with equity holders | 3,582,664 | 1,148,490 | (21,354,958) | – | – | – | – | – | 11,280,000 | (5,343,804) | – | (5,343,804) | |
| Balance as at December 31, 2022 | 58,149,621 | 11,352,858 | 5,592,121 | 9,396,542 | 78,743 | 18,941,705 | 36,554 | 150,529 | 100,000,003 | 203,698,676 | – | 203,698,676 | |
| Total comprehensive income for the year 2023 | |||||||||||||
| Profit for the year | – | – | 20,460,962 | – | – | – | – | – | – | 20,460,962 | – | 20,460,962 | |
| Other comprehensive income, net of tax | – | – | (230,394) | 1,003,035 | 1,885,252 | (11,086,172) | (36,554) | – | – | (8,464,833) | – | (8,464,833) | |
Net actuarial gains/(losses) on defined benefit plans |
– | – | (239,530) | – | – | – | – | – | – | (239,530) | – | (239,530) | |
Gain on disposal of investments in equity instruments |
– | – | – | – | – | – | – | – | – | – | – | – | |
Net change in revaluation surplus |
55.1 | – | – | – | 1,012,171 | – | – | – | – | – | 1,012,171 | – | 1,012,171 |
Revaluation surplus transferred to retained earnings upon the disposal of freehold land |
55.1 | – | – | 9,136 | (9,136) | – | – | – | – | – | – | – | – |
Net fair value gains/(losses) on remeasuring financial assets measured at fair value through other comprehensive income |
55.3 | – | – | – | – | 1,885,252 | – | – | – | – | 1,885,252 | – | 1,885,252 |
Net gains/(losses) arising from translating the Financial Statements of the foreign operations |
55.4 | – | – | – | – | – | (11,086,172) | – | – | – | (11,086,172) | – | (11,086,172) |
Cash flow hedges – effective portion of changes in fair value, net of tax |
55.6 | – | – | – | – | – | – | (36,554) | – | – | (36,554) | – | (36,554) |
| Total comprehensive income for the year 2023 | – | – | 20,230,568 | 1,003,035 | 1,885,252 | (11,086,172) | (36,554) | – | – | 11,996,129 | – | 11,996,129 | |
| Transactions with owners recognised directly in equity, contributions by and distributions to owners |
|||||||||||||
| Issue of ordinary voting shares under employee share option plans | 51 | 51,740 | – | – | – | – | – | – | – | – | 51,740 | – | 51,740 |
| Transfer o/a share-based payment transactions | 51 | 4,491 | – | – | – | – | – | – | (4,491) | – | – | – | – |
| Transfer of cost o/a of expired ESOP shares (net of tax) | 54 & 55.5 | – | – | 47,510 | – | – | – | – | (67,871) | – | (20,361) | – | (20,361) |
| Dividends to equity holders | 4,742,151 | – | (5,558,766) | – | – | – | – | – | – | (816,615) | – | (816,615) | |
First & final dividend for 2022 satisfied in the form of cash |
25 | – | – | – | – | – | – | – | – | – | – | – | – |
First & final dividend for 2022 satisfied in the form of issue and allotment of new shares |
25 | 4,742,151 | – | (5,579,001) | – | – | – | – | – | – | (836,850) | – | (836,850) |
Unclaimed dividend absorbed/(dividend paid) in respect of previous years |
– | – | 20,235 | – | – | – | – | – | – | 20,235 | – | 20,235 | |
| Share-based payment transactions | 55.5 | – | – | – | – | – | – | – | 21,433 | – | 21,433 | – | 21,433 |
| Transfers during the year | 53 to 55 | – | 1,023,048 | (11,753,048) | – | – | – | – | – | 10,730,000 | – | – | – |
| Total transactions with equity holders | 4,798,382 | 1,023,048 | (17,264,304) | – | – | – | – | (50,929) | 10,730,000 | (763,803) | – | (763,803) | |
| Balance as at December 31, 2023 | 62,948,003 | 12,375,906 | 8,558,385 | 10,399,577 | 1,963,995 | 7,855,533 | – | 99,600 | 110,730,003 | 214,931,002 | – | 214,931,002 | |
The Notes to the Financial Statements 1 to 68 form an integral part of these Financial Statements.