Sunshine : Condensed interim consolidated financial statements for the quarter ended 31st March 2024

SUNSHINE HOLDINGS PLC

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED

31st March 2024

02	SUNSHINE HOLDINGS PLC
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

GROUP CHIEF EXECUTIVE OFFICER'S MESSAGE

Dear Shareholder,

During the reporting period, domestic macroeconomic stability was significantly restored, which had a positive impact on economic activity. As a result, Sunshine Holdings PLC (SUN) recorded a consolidated revenue of LKR 55.5 billion for the year ended 31st March 2024 (FY24), representing a 7.0% year-on-year growth. The Group revenue, from Healthcare, Consumer brands and Agribusiness sectors, contributed 50.0%, 34.8% and 15.0%, respectively.

In FY24, the gross profit margin reached 31.0%, marking a significant improvement of 500 basis points compared to the previous year. The gross profit increased by LKR 3.7 billion, representing a robust 27.6% year-on-year growth, primarily driven by the margin expansion in both the healthcare and consumer segments explained in detail below. Amidst the increasing strain on operating expenses, the Group's operating profit (EBIT) for the year closed at LKR 8.7 billion, experiencing a growth of 23.7% YoY (year on year). The reduction in deferred tax, which lowered the effective tax rate from 36.1% to 25.4%, positively impacted the profit after tax (PAT). As a result, the Group recorded a PAT of LKR 6.0 billion for FY24, compared to LKR 3.6 billion reported in the previous year. Additionally, the finance cost for the same period totaled LKR 1.2 billion, including interest on lease liabilities (LKR 127 million) and an exchange loss of (LKR 188 million), as opposed to LKR 1.5 billion in the previous year. This reduction supported by the current favorable movement of interest rate during the year.

Profit attributable to equity shareholders (PATMI) closed at LKR 4.5 billion for FY24, an increase of 97.5% YoY.

Financial Snapshot

	4QFY24	Vs 4QFY23	FY24	Vs FY 23
Healthcare	6,736	7.2%	27,773	16.1%
Consumer	4,492	-8.7%	19,324	1.6%
Agri	1,838	-13.3%	8,321	-5.1%
Other	82	n/m	116	-37.0%
Revenue	13,148	-1.3%	55,534	7.0%
Gross Profit	3,630	9.3%	17,240	27.6%
GP Margin	27.6%	2.7%	31.0%	5.0%
EBIT	1,268	7.5%	8,662	23.7%
EBIT Margin	9.6%	0.8%	15.6%	2.1%
Net Finance Cost	(307)	-14.4%	(591)	-40.1%
Income Tax Expense	(391)	-53.3%	(2,053)	0.4%
PAT	570	n/m	6,019	66.4%

Healthcare

Healthcare sector revenue for FY24 grew 16.1% YoY (year on year), driven by the topline improvement in the Medical Devices Division (SMD) and Pharma manufacturing business.

Improvement in EBIT Margin in the Healthcare sector is owing to the higher contribution of medical devices, pharmaceutical manufacturing business and retail pharmacy business, driven higher capacity utilization and exchange rate movement during the period.

Despite the constraints posed by consumer purchasing power throughout the year, the pharmaceutical segment's revenue remained stable, primarily driven by the recovery of volume in the latter part of the year.The medical devices segment on the other hand grew 28.1%YoY driven primarily by price and volume increases in the government sector.

Healthguard Pharmacy, the retail segment witnessed a 19.2% YoY increase, driven by both value and volume improvements and a gross margin improvement driven by the favorable topline impact of the business.

Lina - the pharmaceutical manufacturing business, experienced revenue growth of 137.4% YoY (year on year), driven by the increase in the capacity utilization of

the Metered Dose Inhaler (MDI) plant. Lina was able to supply most of the MDI requirements of the Medical Supplies Division of the Government for 2023.

Consumer Goods

The Consumer brands sector, which includes both export and domestic businesses, reported revenue of LKR 19.3 billion in FY24, a marginal increase of 1.6%YoY.

Given the significant Rupee appreciation against the USD (US dollar), lower tea prices and volume reduction in certain export markets resulted in a 22.5% YoY decline in revenue for the Export business.

Despite the VAT (Value Added Tax) impact on 4Q FY24, the domestic consumer brands business had an impressive performance for FY24, driven by increased volumes in the tea segment, despite a volume contraction in confectionary, resulting in a revenue growth of 19.0%YoY in FY24.

Our Tea brands Zesta, Watawala Thei and Ran Kahata remained resilient despite challenging consumer sentiment. The tea category experienced a volume growth of 10.0% YoY in FY24 and a value growth of 37.6% YoY.The confectionery segment revenue contracted by 7.1% YoY, despite an increase in selling price, due to a volume contraction of 25.7%YoY.

EBIT margin which stood at 27.5% in FY24, showed a significant improvement compared to 17.9% the previous year,primarily driven by the exceptional performance of the domestic tea segment because of the decline in tea costs, and scale benefits from volume growth.

PAT from the Consumer sector grew over due to the growth in the domestic tea business and finance cost savings,which was partially offset by the adverse impact from the export business.

Agribusiness

The Agribusiness sector reported a revenue of LKR 8.3 billion in FY24, a 5.1% YoY decline.This was due to the contraction in revenue of the palm oil business (down 9.3% YoY). The top line of the segment was impacted by the downward trend in palm oil prices. Palm oil production increased by 15.2% YoY to 15.7 million Kgs in FY24 cf. 13.7 million Kgs last year. The decrease in fertilizer costs compared to last year has enabled the sector to partially mitigate the impact of price reductions. PAT for the period amounted to LKR 2.4 billion, an increase of 2.9% YoY. Despite the increase in operating expenses, the PAT margin improved due to the reduction in impairment of investment in subsidiaries and decrease in tax expenses.

The Dairy business revenue grew by 29.7% YoY due to increases in both production volume and milk prices. The turnaround led to a reduction in the net loss of the dairy segment recorded to LKR 139.2 million during FY24 cf. net loss of LKR 320.9 million in FY23.

Outlook

We have recently announced the proposed equity investment of up to LKR 3,270 million by the International Finance Corporation (IFC) into Sunshine Healthcare Lanka (SHL). Subject to satisfaction of conditions, IFC will own approximately 14.7% stake in SHL. With IFC's support, we are poised to scale up SHL's operations significantly, from expanding our manufacturing with Lina to enhancing our diagnostic capabilities, distribution network, and retail presence. This is the second investment by IFC into our group, previously lending us LKR 1,020 million in 2021 to fund Sunshine Consumer's acquisition of Daintee. We are honored to partner with the International Finance Corporation and these investments underscores the confidence in Sunshine Holdings' potential to deliver on our growth plans.

Despite positive signs in the broader macro economy, the average consumer's

SUNSHINE HOLDINGS PLC	03
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

disposable income remains constrained due to various adjustments in direct and indirect taxes, as well as inflationary pressures. The Group remains confident in its ability to navigate challenges and sustain resilience in the upcoming quarters while being committed to maintaining a consumer-centric approach, ensuring that meeting the ever-evolving needs of consumers remains integral to our strategic vision.

In Healthcare we are closely monitoring the changes in the exchange rate, which is sensitive to our margins. The Healthcare Sector will prioritize ensuring accessible and high-quality healthcare services. We will place strong emphasis on both organic and inorganic growth within our core focus areas to capitalize on opportunities in the healthcare space.

The Consumer sector will continue to face challenges owing to macroeconomic pressures on consumer purchasing power. While the export business remains a key focus area for the group, we will continue to invest behind our consumer brands and drive distribution synergies in the retail channels to maintain our high market share.

In the Agribusiness sector, we expect palm oil prices to remain stable in the near term, in line with global pricing, while crop volumes are expected to gradually increase due to the increase in yield from the maturity of young fields. Meanwhile, the increased milk yields are expected to remain steady and feed cost is expected to decrease in the coming quarters due to the better management of feed and recovery of macroeconomic conditions.

Further details of the Group's performance are available on the company website. (https://www.sunshineholdings.lk/investor/financial-reports)

Shyam Sathasivam

Group Chief Executive Officer

30th May 2024

Colombo

04	SUNSHINE HOLDINGS PLC
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP

	Unaudited	Audited		Unaudited
	Period ended	Period ended	Change	Quarter ended	Quarter ended	Change
	31st March	31st March		31st March	31st March
	2024	2023		2024	2023
	LKR '000	LKR '000	%	LKR '000	LKR '000	%
Continuing operations
Revenue	55,533,886	51,886,754	7	13,148,167	13,325,358	(1)
Cost of sales	(38,293,643)	(38,380,521)	-	(9,518,011)	(10,005,173)	(5)
Gross profit	17,240,243	13,506,233	28	3,630,156	3,320,185	9
Other income	355,084	154,821	129	48,286	(35,915)	(234)
Selling & distribution expenses	(5,260,705)	(3,381,440)	56	(1,425,308)	(977,577)	46
Administration expenses	(3,672,230)	(3,278,685)	12	(984,456)	(1,127,685)	(13)
Results from operating activities	8,662,392	7,000,929	24	1,268,678	1,179,008	8
Finance income	577,588	477,806	21	940	(115,356)	(101)
Finance cost	(1,168,094)	(1,463,801)	(20)	(308,402)	(243,820)	26
Net finance cost	(590,506)	(985,995)	(40)	(307,462)	(359,177)	(14)
Impairment of Goodwill	-	(354,295)	-	-	(144,295)	-
Profit before tax	8,071,886	5,660,639	43	961,216	675,536	42
Income tax expense	(2,052,639)	(2,043,787)	-	(391,063)	(837,325)	(53)
Profit for the period	6,019,247	3,616,852	66	570,153	(161,789)	(452)
Profit or (loss) on discontinued operations, net of tax
Other comprehensive income
Equity investments at FVOCI - net change in fair value	360,558	(130,397)	-	360,558	(130,397)	-
Exchange gain/(Loss) on foreign operation translation	(3,335)	711	(569)	(2,210)	(3,473)	-
Tax on other comprehensive income	(101,089)	84,626	-	-	(133,437)	-
Remeasurement of retirement benefit liability	(24,249)	(129,252)	-	(24,249)	80,442	-
Total other comprehensive income for the period	231,885	(174,312)	(233)	334,099	(186,866)	-
Total comprehensive income for the period	6,251,132	3,442,540	82	904,252	(348,655)	(359)
Profit attributable to:
Owners of the parent company	4,471,041	2,263,930	97	508,197	56,879	793
Non-controlling interest	1,548,206	1,352,922	14	61,955	(218,669)	(128)
Other comprehensive income attributable to:
Owners of the parent company	238,670	(123,719)	(293)	239,796	(127,904)	(287)
Non-controlling interest	(6,785)	(50,593)	-	(6,785)	(50,593)
Total comprehensive income for the period	6,251,132	3,442,540	82	803,163	(340,286)	(336)
Basic earnings per share	9.09	4.67		1.03	0.56
Figures in brackets indicate deductions.
n/m- not meaningful

SUNSHINE HOLDINGS PLC	05
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY

	Unaudited	Audited			Unaudited
	Period ended	Period ended	Change	Quarter ended	Quarter ended	Change
	31st March	31st March		31st March	31st March
	2024	2023		2024	2023
	LKR '000	LKR '000	%	LKR '000	LKR '000	%
Revenue	2,070,290	1,381,728	50	507,664	552,505	(8)
Cost of sales	-	-	n/m	-	-	n/m
Gross profit	2,070,290	1,381,728	50	507,664	552,505	(8)
Other income	489,970	472,625	4	130,157	117,296	11
Administration expenses	(743,919)	(697,726)	7	(268,434)	(229,194)	17
Results from operating activities	1,816,341	1,156,627	57	369,387	440,609	(16)
Finance income	159,616	122,206	31	40,800	37,026	10
Finance cost	(1,217)	(27,759)	(96)	(45)	174	(126)
Net finance cost	158,399	94,447	68	40,755	37,200	10
Profit before tax	1,974,740	1,251,074	58	410,142	477,809	(14)
Income tax expense	17,288	(738)	(2,442)	10,601	39,297	(73)
Profit for the period	1,992,028	1,250,336	59	420,744	517,105	(19)
Other comprehensive income
Equity investments at FVOCI - net change	360,558	(130,397)	-	-	(130,397)	-
Relax Tax	(105,565)	46,928	-	(105,565)	46,928	-
Defined benefit plan actuarial gain/(loss)	(8,673)	1,482	-	(8,673)	1,482	-
Total other comprehensive income for the period	246,320	(81,987)	-	(114,238)	(81,987)	-
Total comprehensive income for the period	2,238,348	1,168,349	92	306,506	435,118	(30)
Basic earnings per share from continuing operations	4.05	2.58		0.86	1.07
Figures in brackets indicate deductions.
n/m- not meaningful

06	SUNSHINE HOLDINGS PLC
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
	STATEMENT OF FINANCIAL POSITION - GROUP
			Unaudited	Audited
			As at 31st March As at 31st March
			2024	2023
			LKR '000	LKR '000
	ASSETS
	Non current assets
	Property, plant and equipment	6,641,907	6,735,559
	Intangible assets	277,903	349,108
	Leasehold right to bare land	359,851	243,876
	Biological assets	3,658,653	3,503,611
	Investment property	631,212	627,528
	Other investments	833,617	519,017
	Deferred tax assets	420,127	320,099
	Goodwill on Acquisition	1,387,106	1,387,106
	Total non-current assets	14,210,376	13,685,904
	Current assets
	Biological assets-growing crops on bearer plants	70,867	86,126
	Inventories	12,063,288	9,861,121
	Other investments	1,770,256	1,084,020
	Current tax assets	139,133	139,070
	Trade & other receivables	9,782,520	7,892,295
	Amounts due from related parties	31,749	149,443
	Cash & cash equivalent	5,403,789	3,110,102
	Total current assets	29,261,603	22,322,177
	Total assets	43,471,979	36,008,081
	EQUITY AND LIABILITIES
	Equity
	Stated capital	4,240,394	4,240,394
	Reserves	430,473	191,803
	Retained earnings	14,233,958	11,356,303
	Equity attributable to owners of the company	18,904,825	15,788,500
	Non-controlling interests	3,767,868	3,448,610
	Total equity	22,672,693	19,237,110
	Non-current liabilities
	Loans and borrowings	1,676,016	1,911,006
	Employee benefits	1,009,377	883,412
	Refundable Deposit Received	-	2,518
	Deferred income and capital grants	36,726	39,084
	Deferred tax	1,686,737	1,404,406
	Total non-current liabilities	4,408,856	4,240,426
Current liabilities
	Trade and other payables	7,617,511	6,423,945
	Amounts due to related parties	-	55,000
	Current tax liabilities	785,681	555,160
	Loans and borrowings	5,311,993	3,387,971
	Bank overdraft	2,689,245	2,108,469
	Total current liabilities	16,390,430	12,530,545
	Total equity and liabilities	43,471,979	36,008,081
Net asset value per share (Rs.)	38.43	32.08

Figures in brackets indicate deductions. The above figures are not audited

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Group Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Approved and signed for and on behalf of the Board,

Chairman	Group Chief Executive Officer
May 30th, 2024
Colombo

		SUNSHINE HOLDINGS PLC	07
	CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL POSITION - COMPANY
		Unaudited	Adjusted
		As at 31st March	As at 31st March
	2024		2023
		LKR '000	LKR '000
ASSETS
Non-current assets
Property, Plant and Equipment	8,652		25,523
Intangible assets	14,490		19,759
Investment in subsidiaries	7,747,698	7,248,733
Other investments	782,224	465,734
Deferred tax assets	31,602	121,249
Total non-current assets	8,584,666	7,880,998
Current assets
Inventories	296		1,883
Current tax assets	75,566		74,195
Trade & other receivables	44,017		28,133
Amounts due from related parties	257,990	233,869
Other Short Term Investments	846,226	225,000
Cash & cash equivalent	723,291	814,025
Total current assets	1,947,386	1,377,105
Total assets	10,532,052	9,258,103
EQUITY AND LIABILITIES
Equity
Stated capital	4,240,394	4,240,394
Reserves	430,590	184,270
Retained earnings	5,572,519	4,638,236
Equity attributable to owners of the company	10,243,502	9,062,900
Non-controlling interests	-		-
Total equity	10,243,502	9,062,900
Non-current liabilities
Loans and borrowings	-		3,470
Employee benefits	190,922	141,256
Total non-current liabilities	190,922	144,726
Current liabilities
Trade and other payables	97,345		34,158
Amounts due to related parties	282		13
Current tax liabilities	-		-
Loans and borrowings				16,306
Bank overdraft	-		-
Total current liabilities	97,627		50,477
Total equity and liabilities	10,532,052	9,258,103
Net asset value per share (Rs.)	20.82		18.42

Figures in brackets indicate deductions. The above figures are not audited

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Group Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Approved and signed for and on behalf of the Board,

Chairman	Group Chief Executive Officer
May 30th, 2024
Colombo

08		SUNSHINE HOLDINGS PLC
	CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED STATEMENT OF CHANGES IN EQUITY - GROUP
FOR THE QUARTER ENDED 31st MARCH 2024
						Attributable to owners of the company
				Stated	Reserve on	General	Fair value gain	Retained	Total	Non-	Total
				capital	exchange gain	reserve	or loss reserve	earnings		controlling	equity
In LKR '000					or loss		on AFS			interest
Adjusted Balance as at 01st April 2022	1,641,715	4,224	1,258	269,079	10,510,766	12,427,042	5,347,478	17,774,520
Total Comprehensive Income
Profit for the year	-	-	-		2,263,930	2,263,930	1,352,922	3,616,851
Total other comprehensive income for the year	-	711	-	(83,469)	-40,961	(123,719)	-50,593	(174,312)
Total comprehensive income for the year	-	711	-	(83,469)	2,222,969	2,140,210	1,302,329	3,442,539
Acquisition of 2.59% of Watawala Plantation PLC shares					(291,034)	(291,034)	(170,747)	(461,781)
Acquisition of 28% in Sunshine Healthcare Lanka Limited	-	-	-	-	(736,115)	(736,115)	(1,862,564)	(2,598,679)
Acquisition of NCI	-	-	-	-	7,982	7,982	(7,982)	-
Share Issue to Akbar Brothers (Private) Limited	2,598,679	-	-	-		2,598,679	-	2,598,679
Capital Infusion in Watawala Dairy Ltd					(14,778)	(14,778)	14,778	-
WHT payment on dividend distribution from Subsidiary					(97,500)	(97,500)	-	(97,500)
Transactions with NCI							196,000	196,000
Dividend to owners for 2021/22	-	-	-	-	(245,987)	(245,987)	(1,370,682)	(1,616,669)
				2,598,679	-	-	-	(1,377,432)	1,221,247	(3,201,196)	(1,979,949)
Balance as at 31st March 2023	4,240,394	4,935	1,258	185,609	11,356,302	15,788,499	3,448,610	19,237,110
Total Comprehensive Income
Profit for the year	-	-	-	-	4,471,039	4,471,039	1,548,206	6,019,245
Total other comprehensive income for the year	-	(3,335)	242,006	-	-	238,670	(6,785)	231,885
Total comprehensive income for the year	-	(3,335)	242,006	-	4,471,039	4,709,709	1,541,421	6,251,130
Acquisition of NCI
WHT payment on dividend distribution from Sunshine Healthcare Lanka Ltd
Transactions with NCI
Dividend paid to owners for 2022/23	-	-	-	-	(565,770)	(565,770)	-	(565,770)
Dividend paid to owners for 2023/24	-	-	-	-	(491,974)	(491,974)	(1,365,219)	(1,857,193)
WHT payment on dividend distribution	-	-	-	-	(438,724)	(438,724)	(46,862)	(485,586)
Lina Manufacturing (Pvt) Ltd and Lina Spiro (Pvt) Ltd Share Swap					(96,918)	(96,918)	189,918	93,000
				-	-	-	-	(1,593,386)	(1,593,386)	(1,222,163)	(2,815,549)
Balance as at		31st March 2024	-	1,599	243,263	-	14,233,958	18,904,824	3,767,868	22,672,693

Figures in brackets indicate deductions.

08 SUNSHINE HOLDINGS PLC CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

SUNSHINE HOLDINGS PLC	09
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

STATEMENT OF CHANGES IN EQUITY - COMPANY

FOR THE QUARTER ENDED 31st MARCH 2024

	In LKR '000	Stated capital	Fair value	General	Retained	Total
			gain or loss	reserve	earnings
			reserve on
			AFS
	Adjusted Balance as at 01st April 2022	1,641,715	264,999	1,258	3,633,886	5,541,858
	Total comprehensive income for the year
	Profit for the year	-	-	-	1,250,337	1,250,337
	Total other comprehensive income for the year	-	(81,987)	-	-	(81,987)
	Total comprehensive income for the year	-	(81,987)	-	1,250,337	1,168,350
	Issue of shares to Akbar Brothers (Private) Limited	2,598,679	-	-	-	2,598,679
	Dividend to owners - 2021/22	-	-	-	(245,987)	(245,987)
	Balance as at 31st March 2023	4,240,394	183,012	1,258	4,638,236	9,062,899
Total comprehensive income for the period
	Profit for the year	-	-	-	1,992,026	1,992,026
	Total other comprehensive income for the year	-	246,320	-	-	246,320
	Total comprehensive income for the year	-	246,320	-	1,992,026	2,238,346
	Dividend to owners - 2022/23 and 2023/24	-	-	-	(1,057,744)	(1,057,744)
	Balance as at 31st March 2024	4,240,394	429,332	1,258	5,572,519	10,243,502

Figures in brackets indicate deductions.

10	SUNSHINE HOLDINGS PLC
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
STATEMENT OF CASH FLOWS - GROUP
		Unaudited	Audited
		Quarter ended	Year ended
		31st March 2024	31st March 2023
		LKR	LKR
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income tax	8,071,886	5,660,638
Adjustments for;
Interest Income	(525,313)	(477,806)
Profit on Disposal of Property, Plant & Equipment	2,221	(25,722)
Write-off of Intangible assets	-	(458)
Biological assets-growing crops on bearer plants	-	(14,455)
Impairment of Goodwill	-	354,295
Fair value changes in livestock	(29,431)	157,440
Interest Expense	980,115	1,463,801
Depreciation of Property, Plant and Equipment	771,098	787,998
Amortization of Intangible Assets	92,214	87,055
Depreciation of mature planations	179,312	196,741
Provision/(Reversal) for Bad and Doubtful Debts	318,629	175,819
Provision/ (Reversal) of impairment of inventories	103,939	154,756
Amortisation of Deferred Income	(2,358)	(2,358)
Amortization of Lesehold land right	17,536	100,932
Fair value gain/loss on investments	6,352	39,989
Provision for Gratuity excluding acturial gain/loss	235,618	162,859
Rent Concession	-	(4,605)
Fair value gain/loss on Consumer Biological Assets	(10,558)	(10,486)
Operating profit before working capital changes	10,211,259	8,806,433
(Increase)/decrease in inventories	(2,306,107)	(2,262,768)
(Increase)/decrease in trade and other receivables	(2,208,854)	(1,053,650)
(Increase)/decrease in amounts due from related parties	103,693	(106,254)
Increase/(decrease) in trade and other payables	1,193,565	6,143
Increase/(decrease) in amounts due to related parties	(55,000)	(10,728)
Cash generated from/ (used in) operations	6,938,556	5,379,176
Interest paid	(494,687)	(1,362,250)
Income tax paid	(2,226,548)	(1,944,113)
Gratuity paid	(133,626)	(66,454)
Net cash generated from / (used in) operating activities	4,083,694	2,006,359
CASH FLOWS FROM INVESTING ACTIVITIES
Interest Received	525,313	477,806
(Investments)/ Disposal in Other Investments	882,237	72,714
(Investments)/ Disposal in Short term Investments	(1,540,386)	(366,293)
(Investments)/ Disposal in gratuity fund	9,000	19,030
Additions to Bearer plants	(36,021)	(64,052)
Additions of live stock	(306,209)	(165,176)
Acquisition of PPE	(714,795)	(1,502,498)
Acquisition of Intangible Assets	(21,006)	(40,135)
Proceeds from Disposal of PPE	30,121	472,160
Proceeds from sales of livestock	63,122	57,870
Disposal of Shares held in Subsidiary	93,000	-
Acquisition of Noncontrolling interest in Subsidiaries		(461,781)
Acquisition of Subsidiaries (net of cash)	-	(1,563,684)
Acquisition of Investment property	(3,685)	(13,293)
Net cash generated from / (used in) Investing activities	(1,019,308)	(3,077,332)
CASH FLOWS FROM FINANCING ACTIVITIES
Receipts of Interest Bearing Borrowings	4,195,897	13,702,041
Proceeds from share Issued by subsidiaries to NCI	-	196,000
Repayments of Interest Bearing Borrowings	(2,958,226)	(12,467,823)
Payment to lease creditor	(167,853)	(88,865)
Dividend Paid	(2,422,963)	(1,616,668)
Net cash from / (used in) financing activities	(1,353,145)	(275,315)
Net increase/(decrease) in cash and cash equivalents	1,716,247	(1,346,288)
Cash and cash equivalents at the beginning of the period	1,001,633	2,347,210
Effect of exchange rate changes on cash and cash equivalents	(3,335)	711
Cash and cash equivalents at the end of the period	2,714,545	1,001,633
Cash and cash equivalents
Cash in hand & bank	5,403,789	3,110,102
Bank overdraft	(2,689,245)	(2,108,469)
		2,714,545	1,001,633

Figures in brackets indicate deductions.

The above figures are not audited