Table of Contents

Company Information


Chairman's Review (English)


Chairman's Review (Urdu)


Condensed Interim Statement of Financial Position


Condensed Interim Statement of Profit or Loss and Other Comprehensive Income


Condensed Interim Statement of Changes in Equity


Condensed Interim Statement of Cash Flows


Notes to the Condensed Interim Financial Statements


Company Information

Board of Directors

Aamir H. Shirazi


Sanaullah Qureshi


Abid Naqvi


Mashmooma Zehra Majeed


Masanori Kito


Shunsuke Miyazaki


Kazushi Yamanaka


Saquib H. Shirazi

Chief Executive Officer

Maheen Fatima

Company Secretary

Audit Committee

Abid Naqvi


Sanaullah Qureshi


Mashmooma Zehra Majeed


Muhammad Asim

Head of Internal Audit

Maheen Fatima


Human Resource &

Remuneration Committee

Abid Naqvi


Sanaullah Qureshi


Saquib H. Shirazi


Tahir Nazir



Saquib H. Shirazi

Chief Executive Officer

Afaq Ahmed

Vice President Marketing

Shunsuke Miyazaki

Vice President Technical

Kazushi Yamanaka

General Manager Technical

Kashif Yasin

Chief Financial Officer

Faisal Mahmud

General Manager New Model Center

Hassan Mushtaq Cheema

General Manager Production,

Planning & Control

Muhammad Ammar

General Manager Engineering & Projects

Muhammad Rashad Rashid

General Manager Quality Assurance

Muhammad Zafar Iqbal

General Manager After Sales

Mujahid-ul-Mulk Butt

General Manager Sales

Rashid Ahmed

General Manager Commercial & Planning

Syed Tanvir Hyder

General Manager Supply Chain & Systems

Tahir Nazir

General Manager Human Resources

& Administration

Zia Ul Hassan Khan

General Manager Plants

02 Quarterly Report December 2022

Company Information


Shinewing Hameed Chaudhri & Co. Chartered Accountants

Legal Advisors

Mohsin Tayebaly & Co.

Tax Advisors

EY Ford Rhodes,

Chartered Accountants

Shares Registrar

Hameed Majeed Associates (Pvt.) Limited

H. M. House, 7-Bank Square,

Shahrah-e-Quaid-e-Azam, Lahore

Tel: (92-42)37235081-82

Fax: (92-42) 37358817


Allied Bank Limited

Askari Bank Limited

Bank Al-Habib Limited

Bank Alfalah Limited

Faysal Bank Limited

Habib Bank Limited

Habib Metropolitan Bank Limited

Khushali Bank Limited

MCB Bank Limited

Meezan Bank Limited

National Bank of Pakistan

Standard Chartered Bank (Pakistan Limited United Bank Limited

Registered Office

1-McLeod Road, Lahore-54000

Tel: (92-42)37225015-17,37233515-17

Fax: (92-42) 37233518, 37351119




F-36, Estate Avenue, S.I.T.E., Karachi-75730

UAN: (92-21)111-111-245

Tel: (92-21)32575561-65

Fax: (92-21) 32563758

26-27 KM, Lahore-Sheikhupura Road,


Tel: (92-56)3406501-8

Fax: (92-56) 3406009

Branch Offices &

Customer Contact Centre

Azmat Wasti Road, Multan Tel: (92-61)4570413-14(92-61)111-112-411 Fax: (92-61) 4541690

Islamabad Corporate Center,

Plot No. 784/785, Golra Road, Islamabad

Tel: (92-51)5495921-7,

Fax: (92-51) 5475928

Makhdoom Altaf Road, West Sadiq Canal

Bank, Near City School, Rahimyar Khan

Tel: (068) 5883415-19,

Fax: (068) 5883414

2nd Floor, Dawood Centre, Autobhan Road, Hyderabad.

Tel: (022) 3411361-9

Fax: (022) 34113670

1st Floor, Meezan Executive Tower, 4 - Liaquat Road, Faisalabad Tel: (92-41)2541011-7, 2541014

1st Floor, 28-Mozang Road, Lahore Tel: (92-42)36361191-5,36360740-7


West View Building, Preedy Street, Saddar, Karachi

Tel: (92-21) 32720833, 32727607

Customer Contact Centre

UAN: (92-42)111-245-222

Toll Free: 0800-245-22

Email: (Within working hours from Monday to Friday)

Atlas Honda Limited 03

Chairman's Review

I am pleased to present the unaudited condensed interim financial information of the Company for the nine months ended December 31, 2022.


The economy continued to face pressures on account of rising inflation, an elevated fiscal deficit and uncertainty over external financing. The GDP growth rate projection for the current year has been revised downwards to 2.0%. Inflation is climbing and was recorded at 25.1% during first five month of FY23 as compared to 9.3% during same period of last year. This was mainly driven by rupee devaluation pass through to domestic prices and upward revision in energy & food prices. On a positive note, revenue collections stood at Rs. 3.4 trillion, reflecting a healthy growth of 16.5% over comparative period of last year. However, leaving a shortfall of more than Rs. 220 billion against the target.

On the external front, strict policy actions and adoption of stabilization strategies started to yield positive results, with narrowed current account deficit (CAD) to USD 3.1 billion in Jul-Nov FY23 from USD 7.2 billion in July-Nov FY22. The improvement in CAD was mainly driven through reduction in import bill of 20.5% from USD 32.9 billion to USD 26.9 billion. However, due to slowdown in global demand and gap in exchange rate (interbank and open market), exports and workers remittances declined by 3.4% and 9.6%, respectively. Despite positive development in CAD, foreign exchange reserves held by the Central Bank breached the USD 5 billion-mark for the first time in ten years and dropped to USD 4.1 billion due to debt servicing and delay in resumption of IMF EFF program. Due to high demand for US dollars, Pak rupee has lost more than one-fourth of its total value during 2022 with rupee's slide worsening during the second half of the calendar year. The PSX 100 index also continued its downward trend and closed the year at 40,420 points. This dismal performance was due to deterioration of investors' confidence and political uncertainty. In a bid to ensure macroeconomic stability and keeping aggregate demand in control, the central bank increased the benchmark interest rate by 6.25% during the year from 9.75% to 16%.

The performance of agriculture sector was badly affected due to torrential rains and severe floods which damaged the estimated 8.3 million acres of cultivated crops. In order to support the sector, the Government has announced incentives in "Kissan Package" and increased agriculture credit disbursement by 35.9%. Further, with better input situation, including water supply, Rabi crops are expected to perform better. This may help to improve demand for consumer durables in rural areas which slowed down in first half of FY 23.

Large Scale Manufacturing (LSM) registered negative growth of 3.6% in July-Nov FY23 as against growth of 3.3% in July-Nov FY2022 due to elevated inflationary pressures and

supply chain disruptions. The import restrictions on account of

declining foreign exchange reserves has started to cripple industries.

Sales Growth

Resultantly, most demand indicators including sales of cement, POL,

(Rs. in million)

automobiles and textiles reflect a downward trend. Accordingly, the



shortage of much-needed foreign currency inflows from bilateral and


multilateral institutions is required to resolve the issue of Letter of

Credits (LCs) for ensuring sustained growth in this segment.




During the nine months period ended December 31, 2022,

the Company achieved net sales of Rs. 102.5 billion, an

increase of 6.6% as compared to last year. However, gross

profit declined from Rs. 7.1 billion to Rs. 6.4 billion, down by



9.1%. Resultantly, Gross profit percentage recorded at 6.3%




Gross Profit (%)

as compared to 7.4% of same period last year. The decline in

04 Quarterly Report December 2022

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Atlas Honda Ltd. published this content on 26 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2023 05:42:04 UTC.