Indus Dyeing & Manufacturing : Transmission of Quarterly Report for the Period Ended 31/12/2022

Condensed Interim Financial Information

Half Year Ended July 01,

2022 to December 31, 2022 (Un-audited)

INDUS DYEING & MANUFACTURING

COMPANY LIMITED

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

INDUS DYEING & MANUFACTURING COMPANY LIMITED

COMPANY INFORMATION

	Board of Directors
1	Mr. Naveed Ahmed	Chairman
2	Mian Shahzad Ahmed	Chief Executive Officer

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 )

02

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.

03

INDUS DYEING & MANUFACTURING COMPANY LIMITED

DIRECTORS' REPORT

FOR THE HALF YEAR ENDED DECEMBER 31, 2022

The Directors of Indus Dyeing & Manufacturing Co. Ltd are pleased to present the group's consolidated interim financial statements for the half year ended December 31, 2022.

FINANCIAL RESULTS

Consolidated turnover for the six months period ending on December 31, 2022 is Rs.34,646 million as compared to a turnover of Rs. 34,819 million for the same period last year showing a stability in a challenging period. As always, the management continued to strive for cost reductions in all areas of operation.

Following are the operating financial results:

REVIEW OF OPERATIONS

Sales have decreased by Rs.173 million during the six months under review over the last corresponding period. Administrative expense has increased by Rs.124 million and distribution cost has increased by 98 million. Financial cost has also increased by Rs.607 million over the last corresponding period due to increase in markup rate. Trend in decrease of yarn prices remained constant and resulted in a decrease of Rs. 3,258 million in profit after tax for the six-month period ended 31st Dec 2022 when compared to the corresponding period of last year 2021.

DIVIDEND

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

EARNINGS PER SHARE

On a consolidated basis, the earnings per share for the half year ended December 31, 2022 are Rs. 16.75 per share as compared to Rs. 76.84 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

The year 2022 ended with the unpleasant news of the partial shutting down of the textile industry due to the prevailing economic crisis. Pakistan entered 2023 with multiple challenges, including rising debt, low foreign exchange reserves, and energy shortages in addition to the political chaos it went through in 2022. As for textiles, cotton yarn exports decreased by 34.87 % to $328.20 million. Meanwhile, the value of textile machinery imports by Pakistan in July-November 2022 decreased significantly by 41.16 % year-on-year to $212.76 million, showing a drop in new investments.

The most significant factor in the decline of the textile industry over the years has been the energy crisis, lack of modernization of the machinery and equipment, lack of investment, rising costs and low production of cotton and other raw materials.

04