Indus Dyeing & Manufacturing : Transmission of Quarterly Report for the Period Ended 30/09/2022

INDUS DYEING & MANUFACTURING COMPANY LIMITED
CONTENTS
Company Information	02
Directors' Report	04
Directors' Report (Urdu)	06
Unconsolidated Condensed Interim Balance Sheet	10
Unconsolidated Condensed Interim Profit & Loss Account	11
Unconsolidated Condensed Interim Statement of other Comprehension Incom	12
Unconsolidated Condensed Interim Statement of Changes in Equity	13
Unconsolidated Condensed Interim Cash Flow Statement	14
Unconsolidated Condensed Interim Notes to the Financial Statement	15
Consolidated Condensed Interim Balance Sheet	26
Consolidated Condensed Interim Profit & Loss Account	27
Consolidated Condensed Interim Statement of other Comprehension Income	28
Consolidated Condensed Interim Statement of Changes in Equity	29
Consolidated Condensed Interim Cash Flow Statement	30
Consolidated Condensed Interim Notes to the Financial Statement	31

	01
Quarterly Report 2023

INDUS DYEING & MANUFACTURING COMPANY LIMITED

		Company Profile
	Board of Directors
1	Mr. Naveed Ahmed	Chairman
2	Mian Shahzad Ahmed	Chief Executive Of ficer

1. Mr. Kashif Riaz
2. Mian Imran Ahmed
3. Mr. Irfan Ahmed
4. Mr. Sheikh Shafqat Masood
5. Mrs. Fadia Kashif
6. Mr. Faisal Hanif
7. Mr. Aamir Amin ( NIT )
8. Ms. Azra Yaqub Vawda

	Audit Committee
1	Mr. Faisal Hanif	Chairman
2	Mr. Irfan Ahmed	Member
3	Mr. Sheikh Shafqat Masood	Member

	Human Resource and Remuneration Committee
1	Mr. Faisal Hanif	Chairman
2	Mrs. Fadia Kashif	Member
3	Mr. Sheikh Shafqat Masood	Member

Company Secretary

Mr. Ahmed Faheem Niazi

Chief Financial Officer

Mr. Muhammad Waseem Umar

Chief Internal Auditor

Mr. Yaseen Hamidia

Legal Advisor
Mr. M. Yousuf Naseem	( Advocates & Solicitors )

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	Quarterly Report 2023

INDUS DYEING & MANUFACTURING COMPANY LIMITED

	Registered Office
	Office # 508,	UAN	021 - 111 - 404 - 404
	5th floor, Beaumont Plaza,	Tel	009-221-35693641 - 60
	Civil Lines Quarters, Karachi.
	Symbol of the Company	IDYM
	Website
	www.indus-group.com
	Auditors
	M/s Yousuf Adil
	Chartered Accountants
	Registrar & Share Transfer Office
	JWAFFS	Registrar ( Pvt ) Ltd.
	407-408, Al - Ameera Centre,		Tel.	35662023 - 24
	Shahrah-e-Iraq, Saddar, Karachi.		Fax.	35221192
	Factory Location
1	P 1 & P 5	S.I.T.E.		Tel.	0223 - 886281 & 84
	Hyderabad, Sindh.
2	Plot # 3 & 7, Sector - 25,		Tel.	021- 35061577 - 9
	Korangi Industrial Area, Karachi.
3	Muzaffergarh, Bagga Sher,		Tel.	0662 - 490202 - 205
	District Multan.
4	Indus Lyallpur Limited.		Tel.	041 - 4689235 - 6
	38th Kilometer, Shaikhupura Road,
	District Faisalabad.
5	Indus Home Limited.		UAN	042 - 111 - 404 - 405
	2.5 Kilometer,		Tel.	042 - 35385021 - 7
	Off Manga Raiwind Road,
	Manga Mandi, Lahore.
6	Indus Wind Energy Limited.		UAN	111 - 404 - 405
	Deh Kohistan 7/3 & 7/4		Tel.	021 - 35693654 ( Ext - 177 )
	Tapo Jangshahi,
	Taluka & District Thatta.

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Quarterly Report 2023

INDUS DYEING & MANUFACTURING COMPANY LIMITED

DIRECTORS' REVIEW

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2022

The Directors are pleased to present the un-audited condensed interim financial information of the Company for the first quarter ended on Sep 30, 2022. The Comparative figures for the corresponding quarter ended on Sep 30, 2021 have been used for comparison, except in statement of financial position where figures used are for the year ended on Jun 30, 2022.

FINANCIAL RESULTS

Consolidated turnover for the three-month period ending on September 30, 2022 was Rs. 19,829 million against Rs. 16,531 million for the same period last year, whereas the consolidated net profit after tax was Rs. 905 million as compared to Rs. 1,873 million in the last corresponding period. The Company has shown satisfactory performance during the three months under review despite various challenges such as increased cost of raw materials, higher energy prices and uncertain economic conditions in Pakistan. Due to the persistent efforts of the management in procurement of raw material, maintaining sales and cash flow planning, the Company was able to achieve these results. The following are the financial results of the Company for the three months ended September 30, 2022.

FINANCIAL HIGHLIGHTS

	Three Months Ended September 30 (Rs. In Millions)
	2022	2021
Sales-Net	19,829	16,531
Gross Profit	2,687	3,222
Other Operating Income	191	136
Profit Before Taxation	1,359	2,425
Taxation	(453)	(552)
Net Profit After Tax	905	1,873

REVIEW OF OPERATIONS

Sales increased by 19.95 % during the three months under review over the last corresponding period. Gross profit decreased by 16.60 % over the last quarter. Other operating income has increased by 40.44

• The towel unit's sales during the three months period ended Sep 30, 2022 were Rs. 3,661 million and contributed Rs. 69.382 million toward profits after tax in the above-mentioned consolidated results.

DIVIDEND

There is no interim dividend announced during the period under review.

EARNINGS PER SHARE

The earnings per share for the three months ended September 30, 2022 are Rs. 16.70/- per share as compared to Rs. 34.55/- per share over the previous corresponding period.

CHANGE IN NATURE OF BUSINESS

There is no change occurred in the nature of Company's business during the period.

FUTURE PROSPECTS

Pakistan's cotton production has declined drastically due to floods and heavy rains that hit the country last year. Arrivals fell by 40.74 per cent in August-October 2022 compared to the previous year. Cotton yarn exports decreased by 34.87 per cent in July to November 2022 as per data released by the Pakistan Bureau of Statistics. Meanwhile, the value of textile machinery imports by Pakistan in July-November 2022 decreased by 41.16 per cent, showing a drop in new investments. The Prime Minister has announced a 4% poverty alleviation tax (super tax) on large industries to reduce tax burden on the masses and improve economic security which will lead to a drop in profitability for the textile industry.

COMPOSITION OF BOARD

The composition of the Board is in compliance with the requirements of the Code of Corporate Governance regulations, 2019 applicable on listed entities which is given below:

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	Quarterly Report 2023