Indus Motor : Transmission of Quarterly Report for the Nine-months and Quarter ended March 31, 2025

Condensed Interim Financial Information

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

Contents

02 Directors' Report

1. Condensed Interim Statement of Financial Position

2. Condensed Interim Statement of Profit or Loss

3. Condensed Interim Statement of Comprehensive Income

1. Condensed Interim Statement of Cash Flows

2. Condensed Interim Statement of Changes in Equity

3. Notes to and Forming Part of the Condensed Interim Financial Statements

23 Company Information

Directors' Report

For the Nine-months and Quarter ended March 31, 2025

The Directors of Indus Motor Company Limited ("the Company") are pleased to present the un-audited condensed interim financial statements for the nine-months and quarter ended March 31, 2025.

Overview of Pakistan's Economy

Pakistan's economy showed signs of recovery during the nine-months of FY 2024-25, with GDP growth projected at 3%, supported by policy reforms and improved external balances. The current account posted a surplus of USD 1.86 billion on YTD March-2025 basis, while remittances and exports grew by 33% and 8.1%, respectively. Inflation on YoY basis rose to 0.7% in March 2025, consequently prompting the State Bank of Pakistan (SBP) to reduce the policy rate to 12%.

Fitch Ratings upgraded Pakistan's sovereign credit rating to 'B-' with a stable outlook, citing fiscal discipline and reform progress under the IMF program. The country secured Staff Level Agreement (SLA) on the first review of Extended Fund Facility (EFF) for the release of USD 1 billion tranche, and a new USD 1.3 billion Resilience and Sustainability Facility (RSF) arrangement with the IMF. Despite some revenue shortfalls, the fiscal deficit narrowed to 1.2% of GDP, supported by improved provincial balances and a significant dividend from the SBP.

Overall, continued structural reforms, improved macro indicators, and external support have created a more stable economic environment, with cautious optimism for sustained recovery.

Automobile Industry Performance

The local automobile sector witnessed a positive trajectory in the nine-months of FY 2024-25, supported by macroeconomic stabilization and easing of financial conditions. Members of the Pakistan Automotive Manufacturers Association (PAMA) recorded a 46% increase in sales of Passenger Cars (PCs) and Light Commercial Vehicles (LCVs), reaching 100,868 units compared to 69,081 units in the same period last year. Consequently, production also rose by 46% to 102,486 units for the same period.

Despite this progress, the industry continues to operate below optimal capacity-currently utilizing around 40% of its installed production capacity. The sector continuous to remains sensitive to policy changes, foreign exchange volatility, and supply chain disruptions.

During the period nine-months ended, imports of used vehicles increased modestly by 6%, totaling 29,590 units, compared to 27,859 units period last year. However, used car imports still represent a significant portion-29%-of the local auto market by value. This ongoing trend reinforces the need for a policy review, particularly the rationalization of depreciation allowances on used imports, to ensure a level playing field for local assemblers and improve government revenue streams.

Company Review

Indus Motor Company reported a solid performance during the nine-months ended March 31, 2025, with total sales of CKD and CBU units increasing by 57% to 21,890 units, up from 13,922 units in the corresponding period last year. The company maintained a market share of approximately 14.6% in the domestic automotive sector.

Vehicle production nearly doubled, increasing by 65% to 21,806 units from 13,217 units. This surge is attributed to a recovery in consumer demand and the continued success of models like the Corolla Cross and Toyota Yaris, bolstered by timely feature enhancements and model updates.

Directors' Report

For the Nine-months and Quarter ended March 31, 2025

Net sales revenue rose to Rs. 145.53 billion, from Rs. 98.23 billion in the previous year's same period. Profit after tax increased significantly to Rs. 16.55 billion, as compared to Rs. 9.41 billion last year. This improvement reflects higher sales volume, stable input costs driven by a relatively favorable exchange rate, and effective cost management initiatives, including increased localization.

Earnings Per Share (EPS) stood at Rs. 210.62, compared to Rs. 119.67 in the previous year. The Board of Directors is pleased to declare a third interim cash dividend of Rs. 50 per share, compared to Rs. 34 per share in the same period last year. All transactions with related parties during the period were conducted in the ordinary course of business and in line with applicable regulatory guidelines.

Near-Term Business Outlook

Pakistan's economic outlook remains cautiously optimistic, supported by continued IMF engagement, structural reforms, and improved investor confidence. The auto industry is advocating for policy support to boost local manufacturing, enhance affordability, and increase localization. Indus Motor Company remains committed to innovation, customer satisfaction, and contributing to the sustainable growth of the country's automotive sector.

The new tariff policy is under preparation by the government and expected to be announced by June 2025, which provide mid term road map to the country.

Acknowledgment

We extend our heartfelt gratitude to our customers for their enduring loyalty, and to our employees, dealers, vendors, and partners for their steadfast dedication. The Board also appreciates the continued trust and support of our shareholders and stakeholders.

We pray for continued progress and seek the Almighty's guidance in all our endeavors. Indus Motor Company Limited

Ali Asghar Jamali

Chief Executive & Director

Shinji Yanagi

Vice Chairman & Director

April 25, 2025 Karachi

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ST ﻟ 5 Rﺎﻣ ﮧﺳ روا ەﺎﻣ ﻮﻧ Nاو L. ﻮK ﻢﺘﺧ ﻮﮐ ء 2025 چرﺎﻣ 31 ز;< ﮑ98ﺋاڈ 5 ("-. ﭙﻤ*") ﮉﭩﯿﻤﻟ -. ﭙﻤ*ﺮﭨﻮﻣ سﮉﻧا ۔jV ﮨ Lh ﺮﮐسﻮﺴﺤﻣ تdﻣ ﺮﭘ L. ﺮﮐﺶbﭘ `راﻮﺷﻮﮔ^ﺎﻣ یرﻮﺒﻋ ەﺪﺷ ٹڈآ ;V ﻏ

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روا تﺎﺣﻼﺻا zbﻟﺎq ،jV ﮨ xﻣ `رﺎﺷا 5 ^ﺎﺤw jV ﻣ ﺖﺸbﻌﻣ s نﺎﺘﺴrﺎq نارود 5 ەﺎﻣ ﻮﻧ 5 25-2024 لﺎﺳ ^ﺎﻣ ﺮﭘ دﺎäîﺑ s 2025 چرﺎﻣ ۔íì ﺎäﮔ ﺎëﺎêﻟ ﮧﻨﯿﻤﺨﺗ ﺎ* ç. åر ﺪﺼäﻓ 3 ﻮﻤﻧ حÜá s ÄÖ یڈ ÉÑ Ç دﺪﻣ s نزاﻮﺗ Ä. و;V ﺑ ;h ﮩﺑ ﺪﺼäﻓ 33 ﺐbﺗ;h ﻟﺎw jV ﻣ تاﺪﻣآﺮﺑ روا رز تﻼäﺳﺮﺗ ﮧﮑ°ﺟ ST ﮔ SV ﮐ ڈرﺎü9ر ﺲﻠúÜ ﺮﻟاڈ برا 1.86 jV ﻣ ﭧﻧؤﺎñا ﭧﻧﺮﮐ -T ﮔ ھﮍﺑ ﮏﺗ ﺪﺼäﻓ 0.7 حÜá sرز طاﺮﻓا ﺮﭘ دﺎäîﺑ s لﺎﺳ ﮧﺑ لﺎﺳ jV ﻣ 2025 چرﺎﻣ ۔اﻮK ﮧﻓﺎﺿا ﺪﺼäﻓ 8.1 روا ۔ﺎëدﺮﮐ ﺪﺼäﻓ 12 ∞ﺮﮐﻢ*ﻮﮐﭧ9ر zbﻟﺎq Ø. (ÄÖ ÄÑ ﺲÆا) نﺎﺘﺴrﺎq فآ ﮏﻨ¨ﺑ ﭧä´ﺳا jV ﻣ ™Ñ ﯿ©ﻧ 5 ﺲﺟ

LT ﻮK çh ﯾد ﮧﻟاﻮﺣ ﺎ* ﺖﻓر ﺶbﭘ Äh ﺎﺣﻼﺻا روا ﻂ°ﺿ و ﻢﻈﻧ Äh ﺎäﻟﺎﻣ ﺖﺤﺗ 5 ماﺮﮔوﺮﭘ ﻒëا ﻢëا ÄT آ Ø. ﺰﮕﻨ´9ر ﭻﻓ برا ﮏëا Ø. ¿ﻠﻣ ۔ﺎäﮐﮉ98ﮔ پا ﮏﺗ 'B-' ﻮﮐﮓﻨ´9ر ٹﮉ98ﮐرﺎﺘﺨﻣدﻮﺧ s نﺎﺘﺴrﺎq ﮫﺗﺎﺳ 5 ﺮﻈﻧ ﮧﻄﻘﻧ ﻢüﺤﺘﺴﻣ 1.3 ﮫﺗﺎﺳ 5 ﻒëا ﻢëا ÄT آ روا `ﺰﺋﺎﺟ √ﮩﭘ 5 (ﻒëا ﻒëا یا) ﺖﻟﻮﮩﺳ ﮉﻨﻓ ¬äﺳﻮﺗ SV ﻟ 5 ءاﺮﺟا 5 ﻂﺴﻗ sﺮﻟاڈ (ےا ﻞëا ﺲÆا) ﭧﻨﻤ98ﮕëا لﻮﯿﻟ فﺎﭩﺳا ﺮﭘ ےﺪﮨﺎﻌﻣ ST ﻧ 5 (ﻒëا ﺲÆا رآ) ﺖﻟﻮﮩﺳ یراﺪäﺋﺎq روا ﮏﭽﻟ sﺮﻟاڈ برا

jV ﻣ ﺲﺟ ،ﺎäﮔﻮK ﻢ* ﮏﺗ ﺪﺼäﻓ 1.2 5 ÄÖ یڈ ÉÑ ەرﺎﺴﺧ ^ﺎﻣ دﻮﺟوﺎw 5 »* ﮫﭽﮐ jV ﻣ تﻻﻮﺼﺤﻣ ۔ﺎäﮐﻞﺻﺎﺣ

۔íì ﻞﻣﺎﺷ ﻊﻓﺎﻨﻣ ںﺎëﺎﻤﻧ Ç ﺐﻧﺎﺟ s ﮏﻨ¨ﺑ ﭧä´ﺳا روا ی;h ﮩﺑ jV ﻣ نزاﻮﺗ ÄT ﺎ …ﺻ

5 ^ﺎﺤw راﺪäﺋﺎq Ø. ﺖëﺎﻤﺣ Ä. و;V ﺑ روا ز;< ﯿﮑëﮉﻧا وﺮﮑäﻣ ;h ﮩﺑ ،تﺎﺣﻼﺻا Äh ﺎﺟ ﮧﭽﻧﺎﮬڈ ﻞﺴﻠﺴﻣ ﺮﭘ رﻮﻃ Œﻮﻤﺠﻣ ۔íì ﺎäﮐ اﺪäﭘ لﻮﺣﺎﻣ -á ﺎﻌﻣ ﻢüﺤﺘﺴﻣ ەدﺎ9ز ﮫﺗﺎﺳ 5 ﺪäﻣا طﺎﺘﺤﻣ SV ﻟ

(D دﺮﮐرﺎ. ( ی=> ﺳﮉﻧا ﻞﺋﺎ76ﻣﻮﭨآ

jV ﻣ تﻻﺎﺣ ^ﺎﻣ روا مﺎüﺤﺘﺳا ﮏﻣﺎﻨrا وﺮﮑäﻣ نارود 5 ەﺎﻣ ﻮﻧ 5 25-2024 لﺎﺳ ^ﺎﻣ Ø. ;< ﮑäﺳ ﻞﺋﺎ …ﻣﻮﭨآ "ﺎﻘﻣ ﺮﻓﺎﺴﻣ Ø. j. V rارا 5 (ﺎﻣﺎq) ﻦﺸÆا -ﻮﺴÆازرﺮﭽﮑäﻓﻮﻨﯿﻣﻮﭨﻮﻣﻮﭨآ نﺎﺘﺴrﺎq ۔'ﮑëد ﺖﻓر ﺶbﭘ ﺖ°ﺜﻣ Ç دﺪﻣ s "ﺮﻧ

لﺎﺳ ﮧﺘﺷﺰﮔﻮﺟ ،ﺎäﮐ ڈرﺎü9ر ﮧﻓﺎﺿا ﺪﺼäﻓ 46 jV ﻣ ﺖﺧوﺮﻓ s (ﺰ9و - ﻞëا) ںﻮ9ڑﺎ◊ ﻞﺷﺮﻤ* ÷ﻠﮨ روا (- ÄÖ ) ںورﺎ* نارود 5 Ÿﺮﻋ -ا ﺎﺘﺠä©ﻧ ۔-T ﮔ ﭻﻨﮩﭘ ﮏﺗ ﺲ´ﻧﻮﯾ 100,868 jV ﻣ √ﺑﺎﻘﻣ 5 ﺲ´ﻧﻮﯾ 69,081 5 Ÿﺮﻋ -ا 5 ۔Rر ﺲ´ﻧﻮﯾ 102,486 ﮫﺗﺎﺳ 5 ‹. ﺎﺿا ﺪﺼäﻓ 46 'ﺑ راواﺪäﭘ

یراواﺪäﭘ ەﺪﺷ ﺐﺼﻧ sسا لﺎﺤﻟا ›. - íì Rر ﺮﮐمﺎ* ﻢ* Ç ﺖäﺣﻼﺻ ﻦ9;h ﮩﺑ ﺖﻌﻨﺻ ،دﻮﺟوﺎw 5 ﺖﻓر ﺶbﭘ سا روا ؤﺎﮬﮍﭼ رﺎﺗا 5 ﮧﻟدﺎ°ﻣرز ،ںﻮﯿﻠëﺪ°ﺗ jV ﻣ zbﻟﺎq ﮧﺒﻌﺷ ﮧﯾ .íì Rر ﺮﮐ لﺎﻤﻌﺘﺳا ﺪﺼäﻓ 40 ﺎ°98ﻘﺗ ﺎ* ﺖäﺣﻼﺻ ۔íì ﺎﺘåر سﺎﺴﺣ ﻞﺴﻠﺴﻣ Ç Nاﻮﺣ 5 ﻞﻠﺧ jV ﻣ j. V ﭼ ÄT ﻼflﺳ

ﺮﭘ رﻮﻃ Œﻮﻤﺠﻣ روا اﻮK ﮧﻓﺎﺿا ^ﻮﻤﻌﻣ ﺎ* ﺪﺼäﻓ 6 jV ﻣ تاﺪﻣآرد s ںﻮ9ڑﺎ◊ ەﺪﺷ لﺎﻤﻌﺘﺳا نارود 5 ەﺎﻣ ﻮﻧ ﯽﮐ ںورﺎﮐ هدﺷ لﺎﻣﻌﺗﺳا ،مﮨﺎﺗ ۔'ﺗ ﺲ´ﻧﻮﯾ 27,859 داﺪﻌﺗ ﮧﯾ لﺎﺳ ﮧﺘﺷﺰﮔ ﮧﮑ°ﺟ LT ﻮK ﺖﺧوﺮﻓ ﺲ´ﻧﻮﯾ 29,590

۔ںﯾﮨ ﯽﺗرﮐ ﯽﮔدﻧﺋﺎﻣﻧ دﺻﯾﻓ 29 ﯽﻧﻌﯾ ہﺻﺣ مﮨا ﮏﯾا ﺎﮐ ٹﯾﮐرﺎﻣ وﭨآ ﯽﻣﺎﻘﻣ ﮯﺳ ظﺎﺣﻟ ﮯﮐ تﻣﯾﻗ ﯽﮭﺑ با تادﻣآرد

رﺪﻗ ﺮﭘ تاﺪﻣآرد ەﺪﺷ لﺎﻤﻌﺘﺳا ﺮﭘ رﻮﻃ صﺎﺧ ،íì ﺎﺘﯾد ﺖ9…ﻘﺗ ﻮﮐ ترو‡. s `ﺰﺋﺎﺟ 5 zbﻟﺎq نﺎﺤﺟر یرﺎﺟ ﮧﯾ یرﺎ*Ü روا "ﺳﺎﺟ ﺎëﺎﻨﺑ -. ﯿﻘë ﻮﮐ ﻊﻗاﻮﻣ ںﺎﺴﮑë ST ﻟ 5 زﺮﻠ°ﻤﺳا "ﺎﻘﻣ ﮧrﺎﺗ ،Ø. ﺎﻨﺑ لﻮﻘﻌﻣ ﻮﮐd. 'ؤﻻا 5 »* jV ﻣ ۔"ﺳﺎﺟ ﺎëﺎﻨﺑ ;h ﮩﺑ ﻮﮐﻊﺋارذ 5 Ä. ﺪﻣآ

ەﺰﺋﺎﺟ ﺎ. GH ﭙﻤ.

5 - روا ﺎäﮐ ەﺮKﺎﻈﻣ ﺎ* sÊ دﺮﮐرﺎ* سﻮﮭﭨ نارود 5 ەﺎﻣ ﻮﻧ Nاو L. ﻮK ﻢﺘﺧ ﻮﮐء2025 چرﺎﻣ 31 Ø. -. ﭙﻤ*ﺮﭨﻮﻣ سﮉﻧا لﺎﺳ ﮧﺘﺷﺰﮔﻮﺟ Rر ﺲ´ﻧﻮﯾ 21,890 ﮫﺗﺎﺳ 5 ‹. ﺎﺿا ﺪﺼäﻓ 57 ﺖﺧوﺮﻓ Œﻮﻤﺠﻣ s ﺲ´ﻧﻮﯾ ﻮﯾ ÄÑ - روا یڈ ;T ﯿﺷ ﭧäﮐرﺎﻣ ﺎ* ﺪﺼäﻓ 14.6 ﺎ°98ﻘﺗ jV ﻣ ;< ﮑäﺳ ﻮﭨﻮﻣﻮﭨآ "ﺎﻘﻣ Ø. -. ﭙﻤ* ۔'ﺗ ﺲ´ﻧﻮﯾ 13,922 jV ﻣ Ÿﺮﻋ -ا 5

۔ﺎﮭﮐر راﺮﻗﺮﺑ

ﺲ´ﻧﻮﯾ 21,806 ﺮﮐ ھﮍﺑ Ç ﺲ´ﻧﻮﯾ 13,217 ﮫﺗﺎﺳ 5 ‹. ﺎﺿا ﺪﺼäﻓ 65 روا -T ﮔﻮK -. ﮔد ﺎ°98ﻘﺗ راواﺪäﭘ s ںﻮ9ڑﺎ◊ ﻞﺴﻠﺴﻣ sﺰﻟڈﺎﻣ Á¨ﺟ سرﺎë ﺎﭨﻮ9…ﭨ روا ساﺮﮐ ﻻوﺮﮐروا ^ﺎﺤw jV ﻣ ﺐﻠﻃ s j. V ﻓرﺎﺻ ﮧﺟو s ‹. ﺎﺿا سا ۔-T ﮔﻮK ۔jV ﮨ ﻞﻣﺎﺷ ﺲ´ﯾڈ پا لڈﺎﻣ روا ‹. ﺎﺿا jV ﻣ ﺮﭽäﻓ ﺖﻗوﺮﺑ jV ﻣ ﺲﺟ ،íì ÄÑ ﺎäﻣﺎ*

LÈ ور برا 98.23 jV ﻣ Ÿﺮﻋ -ا 5 لﺎﺳ ﮧﺘﺷﺰﮔﻮﺟ ﺎäﮔﭻﻨﮩﭘ ﮏﺗ LÈ ور برا 145.53 ﺮﮐ ھﮍﺑ ﻮﯿﻧﻮ9ر ﺰﻠäﺳ ﺺﻟﺎﺧ LÈ ور برا 16.55 ﺮﮐ ھﮍﺑ ﺮﭘ رﻮﻃ ںﺎëﺎﻤﻧ jV ﻣ √ﺑﺎﻘﻣ 5 LÈ ور برا 9.41 5 لﺎﺳ ﮧﺘﺷﺰﮔ ﻊﻓﺎﻨﻣ ﺲﮑäﭨ زا ﺪﻌw ۔ﺎﮭﺗ روا ،تﺎﺟاﺮﺧا ﭧq نا ﻢüﺤﺘﺴﻣ Ç ﮧﺟو s ﮧﻟدﺎ°ﺗ حÜá رﺎ◊زﺎﺳ ﺎﺘÍﺴ' ،ﻢﺠﺣ 5 ﺖﺧوﺮﻓ ەدﺎ9ز ی;h ﮩﺑ ﮧﯾ ۔ﺎäﮔﻮK

.ﮧﻓﺎﺿا jV ﻣ ﻦﺸÔÓﺋﻼ*ﻮﻟ لﻮﻤﺸÌ ،íì Äh ﺮﮐ-ﺎüﻋ s تﺎﻣاﺪﻗا 5 مﺎﻈﺘﻧا 5 ﺖÏﻻ ﺮﺛﻮﻣ

.

È . È Ö

ز;< ﮑ98ﺋاڈ فآ ڈرﻮﺑ ۔Rر Lور 210.62 jV ﻣ √ﺑﺎﻘﻣ 5 Lور 119.67 5 لﺎﺳ ﮧﺘﺷﺰﮔ (ﺲÆا Ä یا) Ä. ﺪﻣآ ﺺﺼﺣ ›. s لﺎﺳ ﮧﺘﺷﺰﮔ ﮧﮑ°ﺟ ﺺﺼﺣ › LÈ ور 50 ۔íì Rر ﻮK -á ﻮﺧ LT ﻮK Lh ﺮﮐنﻼﻋا ﺎ* ﻊﻓﺎﻨﻣ ﺪﻘﻧ یرﻮﺒﻋ `dbﺗ ﻮﮐ 5 رﺎ ورﺎ* ﻦﯾد j. V ﻟ مﺎﻤﺗ ﮫﺗﺎﺳ 5 ںﻮﻘ98ﻓ ﮧﻘﻠﻌﺘﻣ نارود 5 تﺪﻣ سا ۔ﺎﮭﺗ ﺺﺼﺣ › LÈ ور 34 ﮧﯾ jV ﻣ تﺪﻣ -ا ۔ﺎﮭﺗ ﺎäﮔﺎäﮐ ﻖﺑﺎﻄﻣ 5 تﺎëاﺪﮨ ی;< ﯿﻟﻮﮕ9ر قﻼﻃا ﻞwﺎﻗ روا jV ﻣ سرﻮﮐ مﺎﻋ

ﺮﻈﻧ ﮧﻄﻘﻧ یرﺎ7ورﺎ. QR ﺪﻣ ﺐNMﻗ

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h T

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Condensed Interim Statement of Financial Position

As at March 31, 2025

ASSETS

Non-current Assets

Note March 31 June 30

2025 2024

(Un-audited) (Audited)

-----------(Rupees in '000)-----------

Property, plant and equipment	4	21,660,466	23,480,794
Intangible assets	4	81,021	66,578
Long-term loans and advances		40,923	85,462
Long-term deposits		10,020	10,020
Deferred taxation - net		2,667,888	2,756,998
Current Assets		24,460,318	26,399,852
Stores and spares		679,526		755,609
Stock-in-trade		26,789,501		22,825,648
Trade debts - unsecured		6,741,655		5,993,138
Loans and advances		2,052,957		2,976,680
Short-term prepayments		135,555		90,964
Accrued return Other receivables		1,082 2,170,544		- 2,996,515
Short-term investments	5	96,850,783		76,540,835
Cash and bank balances		3,734,186		7,240,410
		139,155,789		119,419,799
TOTAL ASSETS		163,616,107		145,819,651
EQUITY
Share Capital

Authorised capital

500,000,000 (2024: 500,000,000) ordinary shares of Rs 10 each 5,000,000 5,000,000

Issued, subscribed and paid-up capital

78,600,000 (June 30,2024: 78,600,000) ordinary shares of Rs 10 each		786,000			786,000
Reserves		73,641,625			66,440,443
LIABILITIES		74,427,625			67,226,443
Non-Current Liabilities
Long term loan	6	169,925			199,912
Deferred Revenue		16,396			12,902
		186,321			212,814
Current Liabilities
Current portion of long term loan	6	39,983			39,983
Current portion of deferred revenue		20,859			11,278
Unclaimed dividend		331,663			295,064
Unpaid dividend Trade and other payables		1,628,334 50,382,871			115,429 42,273,963
Warranty obligation	7	5,557,862			5,379,972
Advances from customers and dealers		20,561,159			22,040,645
Taxation - net		10,479,430			8,224,060
		89,002,161			78,380,394
		89,188,482			78,593,208
TOTAL EQUITY AND LIABILITIES		163,616,107			145,819,651
CONTINGENCIES AND COMMITMENTS	8

The annexed notes 1 to 18 form an integral part of this condensed interim financial information.

Condensed Interim Statement of Profit or Loss

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

Nine months ended Quarter ended
			Restated		Restated
		March 31	March 31	March 31	March 31
Note		2025	2024	2025	2024
-----------------------(Rupees in '000)-----------------------
Revenue from contracts with customers	9	145,531,732	98,232,280	60,653,074	47,321,844
Cost of sales	10	(123,572,242)	(86,555,414)	(50,384,946)	(40,363,531)
Gross profit		21,959,490	11,676,866	10,268,128	6,958,313
Distribution expenses		(1,467,241)	(3,566,214)	(576,848)	(2,502,526)
Administrative expenses		(2,322,284)	(1,714,163)	(851,196)	(524,070)
Other operating expenses		(250,110)	(53,981)	(95,591)	(2,019)
		(4,039,635)	(5,334,358)	(1,523,635)	(3,028,615)
		17,919,855	6,342,508	8,744,493	3,929,698
Workers' Profit Participation Fund
and Workers' Welfare Fund		(1,493,150)	(711,068)	(666,777)	(400,468)
Profit from operations		16,426,705	5,631,440	8,077,716	3,529,230
Other income	12	10,974,891	9,421,176	2,791,367	4,105,719
		27,401,596	15,052,616	10,869,083	7,634,949
Finance cost		(172,966)	(91,324)	(73,436)	(29,009)
Profit before taxation & levy		27,228,630	14,961,292	10,795,647	7,605,940
Levy		(45,696)	(315,685)	(1,547)	(165,903)
Profit before taxation		27,182,934	14,645,607	10,794,100	7,440,037
Taxation		(10,628,351)	(5,239,171)	(4,197,027)	(2,990,650)
Profit after taxation		16,554,582	9,406,436	6,597,073	4,449,387
Earnings per share - basic and diluted (Rupees)		210.62	119.67	83.93	56.61

The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.

Mohammad Ibadullah

Chief Financial Officer

Ali Asghar Jamali

Chief Executive & Director

Shinji Yanagi

Vice Chairman & Director

Condensed Interim Statement of Comprehensive Income

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

Nine months ended Quarter ended March 31 March 31

2025 2024 2025 2024

(Rupees in '000)

Profit after taxation for the period	16,554,582		9,406,436		6,597,073		4,449,387
Other comprehensive income
Items that may be reclassified subsequently to profit or loss	-		-		-		-
Items that will not be subsequently reclassified to profit or loss	-		-		-		-
Total comprehensive income for the period	16,554,582		9,406,436		6,597,073		4,449,387

The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.

Condensed Interim Statement of Cash Flows

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

Note Nine Months ended March 31 2025 2024 ---------(Rupees in '000)---------

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations	13	25,225,422	39,411,698
Net decrease in long-term loans and advances		44,539	14,797
Workers' profit participation fund paid		-	(240,000)
Workers' Welfare Fund paid		(466,548)	(334,983)
Compensation paid on advances received from customers		(54,697)	(1,837,339)
Increase in deferred revenue		3,494	13,197
Interest paid on long term loan		(7,284)	(6,473)
Taxes and levies paid		(8,329,571)	(3,636,544)
Net cash inflow from operating activities		16,415,355	33,384,353
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets		(2,092,280)	(4,121,735)
Proceeds from disposal of property, plant and equipment		125,900	174,769
Interest received on bank deposits and Term Deposit Receipts		216,139	1,298,270
Net (Investments in)/ proceeds from Pakistan Investment Bonds (PIBs)		(14,414,106)	9,792,530
Interest received on Pakistan Investment Bonds (PIBs)	12	-	563,448
Investments in Market Treasury Bills - Net		(36,473,441)	(2,720,757)
Net proceeds from/(investments in) trade in listed mutual fund units		34,976,894	(16,058,390)
Dividend Income from listed mutual fund units	12	184,537	2,103,738
Net cash outflow on investing activities		(17,104,338)	(8,968,128)
CASH FLOWS FROM FINANCING ACTIVITY
Dividend paid		(7,803,896)	(4,144,779)
Repayment of long term loan		(29,987)	(29,987)
Net cash outflow on financing activities		(7,833,883)	(4,174,766)
Net (decrease)/ increase in cash and cash equivalents during the period		(8,522,866)	20,241,459
Cash and cash equivalents at the beginning of the period		14,107,143	24,806,124

Cash and cash equivalents at the end of the period 14 5,584,277 45,047,583

The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.

Mohammad Ibadullah

Chief Financial Officer

Ali Asghar Jamali

Chief Executive & Director

Shinji Yanagi

Vice Chairman & Director

Condensed Interim Statement of Changes in Equity

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

Reserves

Share

capital

Capital Revenue

Issued, subscribed and paid-up

Share Premium

General reserve

Unappro-priated profit

Sub - Total

Total

Balance as at July 1, 2023

Total comprehensive income for the nine month ended March 31, 2024

Transfer to general reserve for the year ended June 30, 2023 appropriated subsequent to year end

Transactions with owners

Final dividend @ 290% for the year ended

June 30, 2023 declared subsequent to year end (Rs 29 per ordinary share)

Interim dividend @245% declared during the half year ended December 31, 2023

(Rs 24.5 per ordinary share)

Interim dividend @ 132% during the nine months ended March 31, 2024 (Rs 13.2 per ordinary share)

Balance as at March 31, 2024

Balance as at July 1, 2024

Total comprehensive income for the nine month ended March 31, 2025

Transfer to general reserve for the year ended June 30, 2024 appropriated subsequent to year end

Transactions with owners

Final cash dividend @ 430% for the year

ended June 30, 2024 declared subsequent to year end (Rs 43 per ordinary share)

Interim dividend @ 390% declared during the half year ended December 31, 2024 (Rs 39 per ordinary share)

---------------------------------------- (Rupees in '000) ------------------------------------------

786,000	196,500	51,951,050	7,136,362	59,283,913	60,069,913
-	-	-	9,406,436	9,406,436	9,406,436
-	-	4,000,000	(4,000,000)	-	-
-		-	-	(2,279,400)	(2,279,400)	(2,279,400)
-		-	-	(1,925,700)	(1,925,700)	(1,925,700)
-		-	-	(1,037,520)	(1,037,520)	(1,037,520)
786,000 196,500 55,951,050 7,300,178 63,447,729 64,233,729
786,000	196,500	55,951,050	10,292,893	66,440,443	67,226,443
-	-	-	16,554,582	16,554,582	16,554,582
-	-	6,500,000	(6,500,000)	-	-
-		-	-	(3,379,800)	(3,379,800)	(3,379,800)
-		-	-	(3,065,400)	(3,065,400)	(3,065,400)
-		-	-	(2,908,200)	(2,908,200)	(2,908,200)

Interim dividend @ 370% during the nine months ended March 31, 2024 (Rs 37 per ordinary share)

Balance as at March 31, 2025 786,000 196,500 62,451,050 10,994,075 73,641,625 74,427,625

The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.

Financial Statements

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

1. THE COMPANY AND ITS OPERATIONS

   Indus Motor Company Limited (the Company) was incorporated in Pakistan as a public company limited by shares in December 1989 under the repealed Companies Ordinance, 1984 (now, the Companies Act, 2017) and started commercial production in May 1993. The shares of the Company are quoted on the Pakistan Stock Exchange.

   The Company was formed in accordance with the terms of a Joint Venture agreement concluded amongst certain House of Habib companies, Toyota Motor Corporation and Toyota Tsusho Corporation for the purposes of assembling, progressive manufacturing and marketing of Toyota vehicles. The Company also acts as the sole distributor of Toyota and Daihatsu vehicles in Pakistan and has a license for assembling, progressive manufacturing and marketing of Toyota vehicles in Pakistan.

   The registered office and factory of the Company is situated at Plot No. NWZ/1/P-1, Port Qasim Industrial Estate, Bin Qasim, Karachi.

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICY INFORMATION
   1. Statement of compliance

      These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting which comprise of:

      • International Accounting Standard (IAS) 34 'Interim Financial Reporting' issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017 (the Act); and

      • provisions of and directives issued under the Act.

        Where provisions of or directives issued under the Act differ with the requirements of IAS 34, the provisions of and directives issued under the Act have been followed.

        These condensed interim financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the annual audited financial statements of the Company for the year ended June 30, 2024.

   2. Changes in accounting standards, interpretations and amendments to accounting and reporting standards
      1. Amendments to the published accounting and reporting standards which became effective during the period ended March 31, 2025:

         There were certain amendments to the accounting and reporting standards which became mandatory for the Company during the current period. However, these amendments did not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these condensed interim financial statements.

      2. New standards and amendments to the published accounting and reporting standards that are not yet effective and not early adopted by the Company:

         There are certain new standards and amendments that will be applicable to the Company for its annual periods beginning on or after July 1, 2025. The new standards include IFRS 18 "Presentation and Disclosure in Financial Statements" and lFRS 19 "Subsidiaries without Public Accountability: Disclosures" both with applicability date of January 1, 2027 as per IASB. These standards will become part of the Company's financial reporting framework upon adoption by the Securities and Exchange Commission of Pakistan (SECP). The amendments include update to IFRS 7 and IFRS 9 which clarify the date of recognition and derecognition of a financial asset or financial liability which are applicable effective January 1, 2026. The Company's management

         Notes to and Forming Part of the Condensed Interim Financial Statements

         For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

         at present is in the process of assessing the full impacts of these new standards and the amendments to IFRS 7 and IFRS 9 and is expecting to complete the assessment in due course.

         There are certain other amendments to the published accounting and reporting standards that will be mandatory for the Company's annual accounting periods beginning on or after July 1, 2025. However, these amendments will not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these condensed interim financial statements.

      3. Impact of change in accounting policy made during the year ended June 30, 2024:

      During the year ended June 30, 2024, the Institute of Chartered Accountants of Pakistan (ICAP) withdrew the Technical Release 27 "IAS 12, Income Taxes (Revised 2012)" and issued a Guidance - "IAS 12 Application Guidance on Accounting for Minimum Taxes and Final Taxes". The said Guidance required taxes paid under minimum tax and final tax regime to be shown separately as a levy instead of showing it in current tax.

      This change in accounting policy was adopted in the financial statements of the Company for the year ended June 30, 2024. The comparitive information in the condensed interim statement of profit or loss has been restated to reflect the above change.

      For the nine months ended March 31, 2025 For the quarter ended March 31, 2025

      Had there been no change in accounting policy

      Impact of change in accounting policy

      After incorporating effects

      of change in accounting policy

      Had there been no change in accounting policy

      Impact of change in accounting policy

      After incorporating effects

      of change in accounting policy

      Effect on condensed interim Statement of profit or loss

      (Rupees in '000)

      Levy	-		45,696	-	-	1,547	-
      Profit before taxation	27,228,630		(45,696)	27,182,934	10,795,647	(1,547)	10,794,100
      Taxation	(10,674,048)		45,696	(10,628,351)	(4,198,574)	1,547	(4,197,027)
      Profit After taxation	16,554,582		-	16,554,582	6,597,073	-	6,597,073

      For the nine months ended March 31, 2024 For the quarter ended March 31, 2024

      Had there been no change in accounting policy

      Impact of change in accounting policy

      After incorporating effects

      of change in accounting policy

      Had there been no change in accounting policy

      Impact of change in accounting policy

      After incorporating effects

      of change in accounting policy

      (Rupees in '000)

      Levy	-		315,685	-	-	165,903	-
      Profit before taxation	14,961,292		(315,685)	14,645,607	7,605,940	(165,903)	7,440,037
      Taxation	(5,554,856)		315,685	(5,239,171)	(3,156,553)	165,903	(2,990,650)
      Profit After taxation	9,406,436		-	9,406,436	4,449,387	-	4,449,387

      Financial Statements

      For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

      The related changes to the condensed interim statement of cash flows with respect to the amount of profit before taxation have been made as well. There is no impact on profit after taxation and earnings per share, basic and diluted and statement of financial position.

   3. The material accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are consistent with those applied in the preparation of the annual audited financial statements of the Company for the year ended June 30, 2024.

3. SIGNIFICANT ACCOUNTING ESTIMATES, JUDGMENTS, ASSUMPTIONS AND FINANCIAL RISK MANAGEMENT

The preparation of these condensed interim financial statements requires management to make estimates, assumptions and use judgments that affect the application of accounting policies and reported amounts of assets and liabilities and income and expenses. Actual results may differ from these estimates, assumptions and judgments. Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events.

Judgments and estimates made by the management in the preparation of these condensed interim financial statements are consistant with those applied in the annual audited financial statements of the Company as at and for the year ended June 30, 2024.

The Company's financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statements of the Company as at and for the year ended June 30, 2024.

Note		March 31, 2025 (Un-audited)	June 30, 2024 (Audited)
4. PROPERTY, PLANT AND EQUIPMENT		- (Rupees		in '000)--------
& INTANGIBLE ASSETS
Property, plant and equipment	4.1	21,660,466		23,480,794
Intangible assets		81,021		66,578
		21,741,487		23,547,372
4.1 Property, plant and equipment
Operating assets		20,313,031		22,034,891
Capital work-in-progress		1,347,435		1,445,903
		21,660,466		23,480,794

Notes to and Forming Part of the Condensed Interim Financial Statements

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

1. Details of additions and disposals during the period are as follows: Additions Disposals (at cost) (at cost) Nine months ended Nine months ended March 31 March 31 2025 2024 2025 2024

   ---------------------------- (Rupees in '000) ---------------------
   4.2.1	Tangible operating assets- Owned
   	Buildings on leasehold land:
   	- Factory	121,845	322,177	-	-
   	- Others	204,442	110,707	-	-
   	Plant and machinery	679,420	2,270,413	122,245	92,929
   	Motor vehicles	472,242	239,006	124,944	135,100
   	Furniture and fixtures	48,298	47,605	75,762	-
   	Office equipment	22,161	25,456	6,783	97
   	Computers and related accessories	38,139	29,301	12,296	9,983
   	Tools and equipment	114,404	343,006	9,380	43,968
   Jigs, moulds and related machinery 441,818 4,455,047 58,314 386,261 2,142,768 7,842,719 409,724 668,338
   4.2.2	Intangible assets
   	Computer software 47,969 20,738 - -

2. Additions to owned assets include transfers from capital work-in-progress (CWIP) amounting to Rs 1,667.976 million (March 31, 2024: Rs 7,517.994 million).

March 31 June 30, 2025 2024 (Un-audited) (Audited) -------(Rupees in '000)--------

5.	SHORT-TERM INVESTMENTS
	At fair value through profit or loss
	- Government securities
	- Market Treasury Bills (T-Bills)	64,654,852		28,699,289
	- Pakistan Investment Bonds (PIBs)	15,210,088		-
	- Listed Mutual Fund Units	16,985,843		47,841,546
		96,850,783		76,540,835

Financial Statements

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

Note March 31 June 30, 2025 2024 (Un-audited) (Audited) -------(Rupees in '000)--------

1. LONG-TERM LOAN

   Loan under refinance scheme for

   renewable energy 6.1 209,908 239,895

   Less: Current portion (39,983) (39,983)

   169,925 199,912

   1. This represents loan obtained under the SBP financing scheme for investment in Plant and Machinery for renewable energy projects. During the period, the Company had repaid amount of Rs 29.987 million (June 30, 2024: Rs 39.983 million). The financing was made in six tranches and carries mark-up at the rate of 3.25% - 4.25% (June 30, 2024: 3.25% - 4.25%) per annum. The loan is repayable on a quarterly basis in 40 equal installments and the first repayment was made on September 12, 2020.

	Note	March 31	June 30,
		2025 (Un-audited)	2024 (Audited)
7 WARRANTY OBLIGATIONS		- (Rupees	in '000)--------
Warranty obligations	7.1 & 7.2	5,557,862	5,379,972
7.1 Movement of warranty obligations
Opening balance		5,379,972	2,189,635
Charge for the period		293,887	3,330,516
		5,673,859	5,520,151
Utilisation during the period		(115,998)	(140,179)
Closing balance		5,557,862	5,379,972

7.2 This represents the Company's best estimate of the amount required to be paid / settled to cover the potential warranty claims based on historical experience and impacts of potential recalls arising as a result of inspections carried out by the Company and Toyota Motor Corporation (TMC) as envisaged under the Technical Assistance agreement.

While determining the amount of provision, the Company also takes into account the situations where there is uncertainty about whether the present obligation exists or not however, taking into account all available evidence it is more likely than not that a present obligation exists at the reporting date.

The Company is committed to maintaining high standards of product quality and customer satisfaction and takes this into account while assessing potential warranty claims, the impacts of any recalls. Moreover, as part of ongoing customer quality commitments and safety standards, the Company continuously carries out various assessments / durability testing of the performance of its products and recognises provisions accordingly.

Notes to and Forming Part of the Condensed Interim Financial Statements

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

1. CONTINGENCIES AND COMMITMENTS
   1. Contingencies

      1. The status of contingencies as disclosed in annual financial statements of the Company for the year ended June 30, 2024 has remained unchanged.

      2. As at March 31, 2025 the claims not acknowledged as debts by the company aggregate to Rs 3,671.819 million (June 30, 2024: Rs 3,421.498 million).

      3. Commitments in respect of outstanding bank guarantees as at March 31, 2025 amounted to Rs 28,173.368 million (June 30, 2024: Rs 26,024.273 million). This includes an amount of Rs 11,737.995 million (June 30, 2024: Rs 9,824.835 million) in respect of bank guarantees from a related party.

   2. Commitments

      1. Commitments in respect of capital expenditure as at March 31, 2025 aggregate to Rs 2,535.719 million (June 30, 2024: Rs 649.099 million).

      2. Commitments in respect of letters of credit, other than for capital expenditure, as at March 31, 2025 amounted to Rs 29,278.785 million (June 30, 2024: Rs 26,278.435 million). The above letters of credit include an amount of Rs 5,631.750 million (June 30, 2024: Rs 5,304.819 million) availed from a related party.

9 REVENUE FROM CONTRACTS WITH CUSTOMERS Manufacturing

--------------------------(Un-audited)---------------------------

Nine months ended Quarter ended March 31 March 31 March 31 March 31

2025 2024 2025 2024

------------------------------(Rupees in '000)-----------------------------

Manufactured goods sales	140,997,475	92,518,713	60,220,794	45,431,530
Commission	(4,802,074)	(1,738,038)	(2,337,471)	(930,180)
Discounts	(15,943)	(21,755)	(4,874)	(7,053)
Compensation on advances
from customers	(32,014) (19,447) (12,344) (19,447)
Net sales	136,147,444 90,739,473 57,866,104 44,474,850
Trading
Trading goods sales	10,177,409	8,162,275	3,073,219	3,108,787
Commission	(139,442)	(83,221)	(48,183)	(32,371)
	Discounts	(653,679) (586,247) (238,066) (229,423)
	Net sales	9,384,288 7,492,807 2,786,970 2,846,994
	Revenue from
	contracts with customers	145,531,732 98,232,280 60,653,074 47,321,844
10	COST OF SALES
	Manufacturing	117,452,748 81,776,741 48,567,365 38,538,106
	Trading	6,119,494 4,778,673 1,817,581 1,825,425
		123,572,242 86,555,414 50,384,946 40,363,531

Financial Statements

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

11 SEGMENT REPORTING

--------------------(Un-audited)------------------ --------------------(Un-audited)------------------

Nine months ended March 31, 2025 Nine months ended March 31, 2024 Manufacturing Trading Total Manufacturing Trading Total

(Rupees in '000)

Net sales 136,147,444 9,384,288 145,531,732 90,739,473 7,492,807 98,232,280 Gross profit 18,694,696 3,264,794 21,959,490 8,962,732 2,714,134 11,676,866

Profit from

Operations 13,401,192 3,025,513 16,426,705 3,154,351 2,477,089 5,631,440

--------------------(Un-audited)------------------ --------------------(Un-audited)------------------

Quarter ended March 31, 2025 Quarter ended March 31, 2024 Manufacturing Trading Total Manufacturing Trading Total

(Rupees in '000)

Net sales 57,866,100 2,786,974 60,653,074 44,474,850 2,846,994 47,321,844 Gross profit 9,298,736 969,393 10,268,128 5,936,745 1,021,568 6,958,313

Profit from

Operations 7,343,532 734,184 8,077,716 2,544,194 985,037 3,529,230

------------(Un-audited)------------- Nine months ended March 31 2025 2024 ---------(Rupees in '000)---------- 12. OTHER INCOME

Return on bank deposits & term deposit receipts 174,217 1,167,761

Net gain on investment in listed mutual funds units 4,121,191 199,312

Dividend income from listed mutual fund units 184,537 2,103,738

Interest income on Pakistan Investment Bonds - 563,449 Net gain on trade of investment in Pakistan Investment Bonds 795,983 1,998,220 Net gain on investment in Market Treasury Bills 4,498,764 1,959,239

Unclaimed liabilities written back 238,679 906,529 Others 589,502 522,928

10,974,891 9,421,176

Notes to and Forming Part of the Condensed Interim Financial Statements

For the Nine Months and Quarter ended March 31, 2025 (Un-audited)

-----------(Un-audited)------------ Nine months ended March 31 Restated Note 2025 2024 ---------(Rupees in '000)----------

13	CASH GENERATED FROM OPERATIONS
	Profit before taxation	27,182,934		14,645,607
	Adjustment for non-cash charges and other items:
Levy		45,696		315,685
Depreciation		3,804,597		4,444,092
Amortization		33,509		57,718
Allowance for expected credit loss		(2,334)		403,899
Gain on disposal of operating fixed assets - net		(65,838)		(106,547)
Return on bank deposits & term deposit receipts		(174,217)		(1,167,761)
Interest income on Pakistan Investment Bonds		-		(563,449)
Net gain on trade of investment in
	Pakistan Investment Bonds	(795,983)		(1,998,220)
Net gain on investment in Market Treasury Bills			(4,498,764)	(1,959,239)
Net gain against investments in listed mutual fund units			(4,121,191)	(199,312)
Dividend income from listed mutual fund units			(184,537)	(2,103,738)
Charge in respect of Workers' Profit Participation Fund			937,464	384,032
Charge in respect of Workers' Welfare Fund			555,686	327,036
Interest expense on long term loan			6,990	8,232
Compensation on advances received from customers			32,014	19,447
Working capital changes		13.1	2,841,414	26,904,216
			25,225,422		39,411,698
13.1	Working capital changes
	(Increase)/Decrease in current assets
	Stores and spares		76,083		(142,714)
	Stock-in-trade		(3,963,853)		4,584,321
	Trade debts		(746,183)		(3,443,492)
	Loans and advances		923,723		13,306,470
	Short-term prepayments		(44,591)		(68,303)
	Other receivables		(154,498)		33,729
(3,909,319)				14,270,011
Increase in current liabilities
Trade and other payables			8,220,638		(1,017,551)
Current portion of deferred revenue			9,581		1,077
Advances received from customers and dealers			(1,479,486)		13,650,679
			6,750,733		12,634,205
		2,841,414		26,904,216
14	CASH AND CASH EQUIVALENTS
	Term Deposit Receipts	-		25,000,000
	Government Securities - Market Treasury Bills	1,850,091		12,372,451
	Cash and bank balances	3,734,186		7,675,132
		5,584,277		45,047,583