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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 | 10,590,338 | 9,890,762 | 11,084,711 | (11,979,313) | 4,507,072 | (56,342) | 150,529 | 88,720,003 | 167,474,717 | 2,077,811 | 169,552,528 | |
| Adjustment for surcharge tax levied under the Surcharge Tax Act No. 14 of 2022 | 54 | – | – | (5,205,524) | – | – | – | – | – | – | (5,205,524) | (11,050) | (5,216,574) |
| Adjusted balance as at January 01, 2022 | 54,566,957 | 10,590,338 | 4,685,238 | 11,084,711 | (11,979,313) | 4,507,072 | (56,342) | 150,529 | 88,720,003 | 162,269,193 | 2,066,761 | 164,335,954 | |
| Total comprehensive income for the year 2022 | |||||||||||||
| Profit for the year | – | – | 23,811,914 | – | – | – | – | – | – | 23,811,914 | 587,558 | 24,399,472 | |
| Other comprehensive income, net of tax | – | – | (11,362) | (870,467) | 12,051,583 | 16,864,899 | 92,896 | – | – | 28,127,549 | 1,467,454 | 29,595,003 | |
Net actuarial gains/(losses) on defined benefit plans |
– | – | (18,735) | – | – | – | – | – | – | (18,735) | (1,100) | (19,835) | |
Gain on disposal of investments in equity instruments |
– | – | 7,373 | – | – | – | – | – | – | 7,373 | – | 7,373 | |
Share of other comprehensive income/(expense) of associate, net of tax |
55.3 | – | – | – | – | (1,399) | – | – | – | – | (1,399) | – | (1,399) |
Net change in revaluation surplus |
55.1 | – | – | – | (870,467) | – | – | – | – | – | (870,467) | (14,362) | (884,829) |
Net fair value gains/(losses) on remeasuring financial assets measured at fair value through other comprehensive income |
55.3 | – | – | – | – | 12,052,982 | – | – | – | – | 12,052,982 | – | 12,052,982 |
Net gains/(losses) arising from translating the Financial Statements of foreign operations |
55.4 | – | – | – | – | – | 16,864,899 | – | – | – | 16,864,899 | 1,482,916 | 18,347,815 |
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 | – | – | 23,800,552 | (870,467) | 12,051,583 | 16,864,899 | 92,896 | – | – | 51,939,463 | 2,055,012 | 53,994,475 | |
| Transactions with owners recognised directly in equity, contributions by and distributions to owners |
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| Issue of ordinary voting shares under employee share option plans | 51 | – | – | – | – | – | – | – | – | – | – | – | – |
| Transfer o/a share-based payment transactions | 51 | 370 | – | – | – | – | – | – | – | – | – | – | – |
| Transfer of cost o/a of expired ESOP shares (net of tax) | 54 & 55.5 | – | – | – | – | – | – | – | – | – | – | – | – |
| Dividends to equity holders | 3,582,664 | – | (8,926,154) | – | – | – | – | – | – | (5,343,490) | (14,365) | (5,357,855) | |
First & final dividend for 2021 satisfied in the form of cash |
25 | – | – | (5,373,996) | – | – | – | – | – | – | (5,373,996) | (10,800) | (5,384,796) |
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 |
– | – | 30,506 | – | – | – | – | – | – | 30,506 | 35 | 30,541 | |
Interim Dividend for 2022 |
– | – | – | – | – | – | – | – | – | – | (3,600) | (3,600) | |
| Share-based payment transactions | 55.5 | – | – | – | – | – | – | – | – | – | – | – | – |
| Transfers during the year | 53 to 55 | – | 1,489,332 | (12,769,332) | – | – | – | – | – | 11,280,000 | – | – | – |
| Total transactions with equity holders | 3,582,664 | 1,489,332 | (21,695,486) | – | – | – | – | – | 11,280,000 | (5,343,490) | (14,365) | (5,357,855) | |
| Balance as at December 31, 2022 | 58,149,621 | 12,079,670 | 6,790,304 | 10,214,244 | 72,270 | 21,371,971 | 36,554 | 150,529 | 100,000,003 | 208,865,166 | 4,107,408 | 212,972,574 | |
| Total comprehensive income for the year 2023 | |||||||||||||
| Profit for the year | – | – | 21,114,675 | – | – | – | – | – | – | 21,114,675 | 784,985 | 21,899,660 | |
| Other comprehensive income, net of tax | – | – | (241,899) | 1,287,844 | 1,891,743 | (11,674,508) | (36,554) | – | – | (8,773,374) | (396,944) | (9,170,318) | |
Net actuarial gains/(losses) on defined benefit plans |
– | – | (251,035) | – | – | – | – | – | – | (251,035) | (55) | (251,090) | |
Gain on disposal of investments in equity instruments |
– | – | – | – | – | – | – | – | – | – | – | – | |
Share of other comprehensive income/(expense) of associate, net of tax |
55.3 | – | – | – | – | 207 | – | – | – | – | 207 | – | 207 |
Net change in revaluation surplus |
55.1 | – | – | – | 1,296,980 | – | – | – | – | – | 1,296,980 | 44,661 | 1,341,641 |
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 | – | – | – | – | 1,891,536 | – | – | – | – | 1,891,536 | – | 1,891,536 |
Net gains/(losses) arising from translating the Financial Statements of foreign operations |
55.4 | – | – | – | – | – | (11,674,508) | – | – | – | (11,674,508) | (441,550) | (12,116,058) |
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 | – | – | 20,872,776 | 1,287,844 | 1,891,743 | (11,674,508) | (36,554) | – | – | 12,341,301 | 388,041 | 12,729,342 | |
| 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 | – | (5,558,473) | – | – | – | – | – | – | (816,322) | (14,367) | (830,689) | |
First & final dividend for 2022 satisfied in the form of cash |
25 | – | – | – | – | – | – | – | – | – | – | (10,800) | (10,800) |
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 |
– | – | 20,528 | – | – | – | – | – | – | 20,528 | 33 | 20,561 | |
Interim dividend for 2023 |
– | – | – | – | – | – | – | – | – | – | (3,600) | (3,600) | |
| Share-based payment transactions | 55.5 | – | – | – | – | – | – | – | 21,433 | – | 21,433 | – | 21,433 |
| Transfers to non-distributable capital reserve | 33.2 (a) | – | 27,750 | – | – | – | – | – | – | – | 27,750 | 22,704 | 50,454 |
| Transfers during the year | 53 to 55 | – | 1,479,114 | (12,209,114) | – | – | – | – | – | 10,730,000 | – | – | – |
| Total transactions with equity holders | 4,798,382 | 1,506,864 | (17,720,077) | – | – | – | – | (50,929) | 10,730,000 | (735,760) | 8,337 | (727,423) | |
| Balance as at December 31, 2023 | 62,948,003 | 13,586,534 | 9,943,003 | 11,502,088 | 1,964,013 | 9,697,463 | – | 99,600 | 110,730,003 | 220,470,707 | 4,503,786 | 224,974,493 | |
The Notes to the Financial Statements 1 to 68 form an integral part of these Financial Statements.