Sunrays Textile Mills : Transmission of Quarterly Report for the Period Ended 31/03/2023

QUARTERLY STATEMENT

FOR THE 3rd QUARTER

ENDED MARCH 31, 2023

			Contents				Page
	CompanySprofile		2
	Director's Report EnglishH		3 - 4
	Director's ReportqUrdu		5 - 6
	Unconsolidated Condensed Interim Financial Position		7
	Unconsolidated Condensed Interim ProfitHor LossG		8
	Unconsolidated Condensed Interim Statement ofHComprehensiveUincome	9
	Unconsolidated Condensed Interim Statement ofHChangesQin Equity	10
	Unconsolidated Condensed Interim CashGFlowsV		11
	Unconsolidated Condensed Interim Notes toQtheHfinancialWStatement	12-15
	Consolidated Condensed Interim Statement ofGFinancialHPosition		16
	Consolidated Condensed Interim ProfitQor Loss		17
	Consolidated Condensed Interim Statement ofGComprehensiveLincome	18
	Consolidated Condensed Interim Statement ofGChangesWin Equity		19
	Consolidated Condensed Interim CashHFlowsH		20
	Consolidated Condensed Interim Notes toVtheGfinancialHStatement	21-24

		Sunrays Textile Mills Limited
		COMPANY PROFILE
		BOARD OF DIRECTORS
1.	Mian Imran Ahmed	Chairman
2.	Mr. Kashif Riaz	Chief Executive

1. Mr. Naveed Ahmed
2. Mian Shahzad Ahmed
3. Mrs. Fadia Kashif
4. Mr. Irfan Ahmed
5. Mr. Shahwaiz Ahmed
6. Mr. Shafqat Masood
7. Mr. Faisal Hanif
8. Ms. Azra Yaqub Vawda
9. Mr. Farooq Hassan

AUDIT COMMITTEE

1.	Mr. Faisal Hanif	(Chairman)
2.	Mr. Shahwaiz Ahmed	(Member)
3.	Mrs. Fadia Kashif	(Member)
HUMAN RESOURCES AND REMUNERATION COMMITTEE
1.	Mr. Faisal Hanif	(Chairman)
2.	Mr. Irfan Ahmed	(Member)
3.	Mrs. Fadia Kashif	(Member)
CHIEF FINANCIAL OFFICER
Mr. Shabbir Kausar
CHIEF INTERNAL AUDITOR
Mr. Imran Iftikhar
COMPANY SECRETARY
Mr. Ahmed Faheem Niazi
LEGAL ADVISOR
Mr. Yousuf Naseem
Advocates & Solicitors
REGISTERED OFFICE
5th floor, Office # 508, Beaumont Plaza,
Beaumont Road, Civil Lines Quarters, Karachi
SYMBOL OF TH E COMPANY
SUTM
WEBSITE
http://www.Indus-
REGISTRAR & SHARE TRANSFER OFFICE
JWAFFS REGISTRAR SERVICES (PVT) LTD	Tel.	35662023 - 24
407 -408, Al - Ameera Center,
Shahrah-e-Iraq, Saddar Karachi.	Fax.	35221192

FACTORY LOCATION

Khanpur Shomali Bagga Sher M.M. Road Muzaffar Garh

BANKERS

MCB Bank Limited

Allied Bank Limited

Soneri Bank Limited

United Bank Limited

Meezan Bank Limited

Habib Bank Limited

Bank Alfalah Limited

AUDITORS

Yousuf Adil

Chartered Accountants

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DIRECTOR'S REPORT

The Directors of the Company have pleasure in subming their Report together with the un-audited financial statements of the Company for the nine month ended March 31, 2023. During the period under review your Company has earned pre-tax profit Rs. Rs. 395.688 (M).

FINANCIAL HIGHLIGHTS

	Nine Month Ended March 31.(Rs.In Millions)
	2023	2022
Sales - Net	7,630.503	7,316.784
Gross Profit	681.901	1,848.836
Other Income	157.189	93.097
Profit Before Taxation	395.688	1,541,030
Taxation	(89.753)	(76.028)
Profit After Taxation	305.935	1,465.002

REVIEW OF OPERATIONS

Yours Company earned profit aer tax Rs.305.935 million as compared to Rs.1,465.002 million over the last corresponding period. Gross profit decreased by 63% and profit aer tax decreased by 79% as compared to the last corresponding period. The main reason of decrease in profit as compared to the last corresponding period is due to increase in co}on prices and disproporonate decrease in corresponding yarn prices. During the period Rs3,294.299 (M) was invested in the fixed assets including building for BMR and addion of new plant comprises of ten sets of Rotor machines along with necessary back process. Retained earnings and long term financing were used to finance these investments.

EARNING PER SHARE

The earnings per share for the nine-month ended March 31, 2023 is Rs.14.78 as compared to

Rs.70.77 for the previous corresponding period.

FUTURE PROSPECTS

Pakistan's Texle industry is going through toughest mes. On one side, there is economic slowdown being observed in the internaonal markets due to recession and on the other hand there is polical and economic crisis being witnessed in the country. Foreign reserve has dropped to the lowest level. Due to scarcity of foreign exchange, imports have been strongly discouraged

• regulated by the banks/SBP resultantly industry has been facing problem for import of raw materials & spare parts. Pak Rupees has been significantly depreciated against US dollar. Rate of inflaon has been observed at more than 27.6% in the country. SBP has significantly increased interest rate to 20% p.a. in order to lessen inflaon in the country. The government has abolished various subsidies & rebates resultantly subsidized tariff of electricity & gas for texÆle industry has withdrawn by the government. The prices of fuel has been significantly increased in the country despite lowering of price in the internaonal market. In addivon therewith, crop of co}on has already

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substanally effected due to recent devastang flood in the country. Due to lowering of demand, shortage

• higher rate of raw material, higher rates of fuel & power as well as higher interest rate, texÆle sector in the country has undergone into huge losses. In spite of all these obstacles, we hope by the grace of ALLAH and hard work of the management by focusing on specialized and value-addedhigh-quality texÆle products, your company will be able to achieve beer results.

COMPOSITION OF BOARD

The composion of the Board is in compliance with the requirements of the Code of Corporate Governance regulaons,

2019 applicable on listed enŸes which is given below:

1. The total number of directors are 11 as per follows;

a)	Male	09
b)	Female	02

2. The Composi‰on of Board is as followed ;

Category	Names
Independent Directors	Mr. Faisal Hanif
	Ms. Azra Yaqub Vawda
	Mr. Farooq Hassan
Execuve Directors	Mr. Kashif Riaz (CEO)
	Mr. Sheikh Shafqat Masood
	Mr. Naveed Ahmed
Non-Execuve Directors	Mian Shahzad Ahmed
	Mian Imran Ahmed
	Mrs. Fadia Kashif
	Mr. Irfan Ahmed
	Mr. Shahwaiz Ahmed
Female Directors	Ms.Azra Yaqub Vawda
	Mrs. Fadia Kashif

ENVIRONMENT, HEALTH AND SAFETY.

Your Company is commied towards protecng a sound climate for everyone by complying with all environmental

policies at the producon facili]es.

WEB PRESENCE

Annual and periodic financial statements of the company are also available on the website of the company

hp://www.indus-group.com for informaon of the shareholders and others.

ACKNOWLEDGEMENT

The Directors acknowledge the contribu]on of each and every employee of the Company. We would like to express our thanks to our customers for the trust t hey have shown in our products and the bankers for connued support to the Company. We are also grateful to our shareholders for their confidence in our management.

FOR AND ON BEHALF OF THE BOARD

Karachi

Kashif Riaz

Dated: APRIL 28, 2023

CHIEF EXECUTIVE OFFICER

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