Sitara Energy : Transmission of Quarterly Report for the Period Ended 31.03.2023

QUARTERLY REPORT

UNAUDITED

March 31, 2023

SITARA ENERGY LIMITED

Contents

Sitara Energy Limited

Company Information	02
Director Report	03
Condensed Interim Statement of Financial Position	05
Condensed Interim Statement of Profit or Loss Account	06
Condensed Interim Statement of Comprehensive Income	07
Condensed Interim Statement of Cash Flow Statement	08
Condensed Interim Statement of Changes in Equity	09
Condensed Interim Financial Information	10

Consolidated Accounts

(Sitara Energy Ltd and Its Subsidiary Company)

Condensed Interim Consolidated Statement of Financial Position	16
Condensed Interim Consolidated Statement of Profit or Loss Account	17
Condensed Interim Consolidated Statement of Comprehensive Income	18
Condensed Interim Consolidated Statement of Cash Flow Statement	19
Condensed Interim Consolidated Statement of Changes in Equity	20
Consolidated Condensed Interim Financial Information	21

Unaudited Third Quarter Accounts 2023

01

Company Informationn

BOARD OF DIRECTORS
Ms. Noureen Javed	(Chairperson)
Mr. Javed Iqbal	(Chief Executive Ofcer)

Mr. Shahid Hameed Sheikh

Ms. Haniah Javed

Mr. Mubashir Ahmed Zareen

Mr. Sheikh Javaid Islam

Mr. Tahir Ibraheem

CHIEF FINANCIAL OFFICER

Mr. Ijaz A. Babar - FCA

COMPANY SECRETARY

Mr. Mazhar Ali Khan

LEGAL ADVISOR

Sahibzada Muhammad Arif

SHARE REGISTRAR

THKAssociates (Private) Limited

Plot No. 32-C, Jami Commercial Street 2, D.H.A. Phase VII, Karachi

UAN : [phone]

E-mail: [e-mail]

REGISTERED OFFICE

601-602 Business Centre, Mumtaz Hassan Road, Karachi 74000

PLANT

33 K.M., Sheikhupura Road, Faisalabad

AUDIT COMMITTEE
Mr. Shahid Hameed Sheikh	(Chairman)
Mr. Sheikh Javaid Islam
Mr. Mubashir Ahmed Zareen
HUMAN RESOURCE &
REMUNERATION COMMITTEE
Mr. Mubashir Ahmed Zareen	(Chairman)
Mr. Javed Iqbal
Mr. Sheikh Javaid Islam

AUDITORS

RSM Avais Hyder Liaquat Nauman (Chartered Accountants)

BANKERS

Standrad Chartered Bank (Pak) Limited

Albaraka Bank (Pakistan) Limited

National Bank of Pakistan

First Women Bank Limited

Bank Alfalah Limited

Faysal Bank Limited

The Bank of Punjab

MCB Bank Limited

United Bank Limited

Meezan Bank Limited

Allied Bank Limited

Silk Bank Limited

Askari Bank Limited

Summit Bank Limited

Habib Bank Limited

WEBSITE

http://www.sitara.pk

02 Unaudited Third Quarter Accounts 2023

Directors' Review

DIRECTORS' REVIEW

The Board of Directors of Sitara Energy Limited (the Company) is pleased to present their report together with the Condensed Interim Financial Information and its subsidiary for the 3rd quarter ended on March 31, 2023.

Operational Financial Results:

The financial results for nine (9) months of the current financial year as compared with nine

(9) months of the last financial year are as under: -

Financial Highlights	July - March	July - March
	2023	2022
	Rupees in thousand	Rupees in thousand
Sales - net	750,601	255,680
Cost of generation	725,696	254,256
Gross profit	24,905	1,424
Gross profit ratio to revenue	3.32%	0.56%
(Loss) after tax	(102,617)	(117,879)
(Loss) per share - Basic & diluted (Rupees)	(5.37)	(6.17)

The sales revenue of the Company increased to Rs. 750.601 Mln during nine (9) months of current financial year in comparison with Rs 255.680 Mln during corresponding nine (9) months of last financial year due to higher price of RFO and accordingly charging of higher tariff to Bulk Power Consumers (BPCs). Accordingly, gross profit of the Company substantially increased to Rs 24.905 Mln during nine (9) months of current financial year as compared with Rs 1.424 Mln during corresponding nine (9) months of last financial year.

The net loss of the company decreased to Rs. 102.617 Mln during nine (9) months of current financial year in comparison with net loss of Rs 117.879 Mln during corresponding nine

1. months of last financial year due to increase in gross profit margin, increase in other income and decrease in operating expenses. However, finance cost increased as a result of rise in SBP policy rate from time to time during the period.

The profitability of the company for the remaining period of current financial year 2022-23 will be dependent upon viable operation based on affordable prices of fuels (RLNG & RFO), increase in load demand by our BPCs and reduction in Government subsidies to DISCO's.

We extend our heartiest gratitude to all our lenders and suppliers for their continuous support in difficult time and dedicated work by the management and all the employees in the larger interest of the Company.

By order of the board

Faisalabad:		Javed Iqbal
April 27, 2023	Director	Chief Executive Officer
		Unaudited Third Quarter Accounts 2023	03

Unaudited Third Quarter Accounts 2023