My Report
Financial Statements
Statement of Changes in Equity – Group
Managing Director/Chief Executive Officer's and Chief Financial Officer's Statement of Responsibility
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Independent Assurance Report - Internal Control
| Other reserves | ||||||||||||||
|
Note |
Stated capital Rs. ’000 |
Statutory reserve fund Rs. ’000 |
Retained earnings Rs. ’000 |
Revaluation reserve Rs. ’000 |
Fair value reserve Rs. ’000 |
Foreign currency translation reserve Rs. ’000 |
Hedging reserve Rs. ’000 |
Employee share option reserve Rs. ’000 |
Special reserve Rs. ’000 |
General reserve Rs. ’000 |
Shareholders’ funds Rs. ’000 |
Non- controlling interest Rs. ’000 |
Total equity Rs. ’000 |
|
| Balance as at December 31, 2022 | 58,149,621 | 12,079,670 | 6,790,304 | 10,214,244 | 72,270 | 21,371,971 | 36,554 | 150,529 | – | 100,000,003 | 208,865,166 | 4,107,408 | 212,972,574 | |
| Total comprehensive income for the year 2023 | ||||||||||||||
| Profit for the year | – | – | 21,114,675 | – | – | – | – | – | – | – | 21,114,675 | 784,985 | 21,899,660 | |
| Other comprehensive income, net of tax | – | – | (241,899) | 1,287,844 | 1,891,743 | (11,674,508) | (36,554) | – | – | – | (8,773,374) | (396,944) | (9,170,318) | |
| Net actuarial gains/(losses) on defined benefit plans | – | – | (251,035) | – | – | – | – | – | – | – | (251,035) | (55) | (251,090) | |
| Share of other comprehensive income/(expense) of associate, net of tax | 55.3 | – | – | – | – | 207 | – | – | – | – | – | 207 | – | 207 |
| Net change in revaluation surplus | 55.1 | – | – | – | 1,296,980 | – | – | – | – | – | – | 1,296,980 | 44,661 | 1,341,641 |
| Revaluation surplus transferred to retained earnings upon the disposal of freehold land | 55.1 | – | – | 9,136 | (9,136) | – | – | – | – | – | – | – | – | – |
| Net fair value gains/(losses) on remeasuring financial assets measured at fair value through other comprehensive income | 55.3 | – | – | – | – | 1,891,536 | – | – | – | – | – | 1,891,536 | – | 1,891,536 |
| Net gains/(losses) arising from translating the Financial Statements of foreign operations | 55.4 | – | – | – | – | – | (11,674,508) | – | – | – | – | (11,674,508) | (441,550) | (12,116,058) |
| Cash flow hedges – effective portion of changes in fair value, net of tax | 55.6 | – | – | – | – | – | – | (36,554) | – | – | – | (36,554) | – | (36,554) |
| Total comprehensive income for the year 2023 | – | – | 20,872,776 | 1,287,844 | 1,891,743 | (11,674,508) | (36,554) | – | – | – | 12,341,301 | 388,041 | 12,729,342 | |
| Transactions with owners recognised directly in equity, contributions by and distributions to owners | ||||||||||||||
| Issue of ordinary voting shares under employee share option plans | 51 | 51,740 | – | – | – | – | – | – | – | – | – | 51,740 | – | 51,740 |
| Transfer o/a share-based payment transactions | 51 | 4,491 | – | – | – | – | – | – | (4,491) | – | – | – | – | – |
| Transfer of cost o/a of expired ESOP shares (net of tax) | 54 55.5 | – | – | 47,510 | – | – | – | – | (67,871) | – | – | (20,361) | – | (20,361) |
| Dividends to equity holders | 4,742,151 | – | (5,558,473) | – | – | – | – | – | – | – | (816,322) | (14,367) | (830,689) | |
| First & final dividend for 2022 satisfied in the form of cash | – | – | – | – | – | – | – | – | – | – | – | (10,800) | (10,800) | |
| First & final dividend for 2022 satisfied in the form of issue and allotment of new shares | 25 51 | 4,742,151 | – | (5,579,001) | – | – | – | – | – | – | – | (836,850) | – | (836,850) |
| Unclaimed dividend absorbed/(dividend paid) in respect of previous years | – | – | 20,528 | – | – | – | – | – | – | – | 20,528 | 33 | 20,561 | |
| Interim Dividend for 2023 | – | – | – | – | – | – | – | – | – | – | – | (3,600) | (3,600) | |
| Share-based payment transactions | 55.5 | – | – | – | – | – | – | – | 21,433 | – | – | 21,433 | – | 21,433 |
| Transfers to non-distributable capital reserve | 33.2(a) | – | 27,750 | – | – | – | – | – | – | – | – | 27,750 | 22,704 | 50,454 |
| Transfers during the year | 53to 55 | – | 1,479,114 | (12,209,114) | – | – | – | – | – | – | 10,730,000 | – | – | – |
| Total transactions with equity holders | 4,798,382 | 1,506,864 | (17,720,077) | – | – | – | – | (50,929) | – | 10,730,000 | (735,760) | 8,337 | (727,423) | |
| Balance as at December 31, 2023 | 62,948,003 | 13,586,534 | 9,943,003 | 11,502,088 | 1,964,013 | 9,697,463 | – | 99,600 | – | 110,730,003 | 220,470,707 | 4,503,786 | 224,974,493 | |
| Other reserves | ||||||||||||||
|
Note |
Stated capital Rs. ’000 |
Statutory reserve fund Rs. ’000 |
Retained earnings Rs. ’000 |
Revaluation reserve Rs. ’000 |
Fair value reserve Rs. ’000 |
Foreign currency translation reserve Rs. ’000 |
Hedging reserve Rs. ’000 |
Employee share option reserve Rs. ’000 |
Special reserve Rs. ’000 |
General reserve Rs. ’000 |
Shareholders’ funds Rs. ’000 |
Non- controlling interest Rs. ’000 |
Total equity Rs. ’000 |
|
| Total comprehensive income for the year 2024 | ||||||||||||||
| Profit for the year | – | – | 55,073,240 | – | – | – | – | – | – | – | 55,073,240 | 613,172 | 55,686,412 | |
| Other comprehensive income, net of tax | – | – | (421,605) | – | 1,037,272 | (11,564,950) | – | – | – | – | (10,949,283) | (406,614) | (11,355,897) | |
| Net actuarial gains/(losses) on defined benefit plans | – | – | (421,605) | – | – | – | – | – | – | – | (421,605) | 310 | (421,295) | |
| Share of other comprehensive income/(expense) of associate, net of tax | 55.3 | – | – | – | – | 247 | – | – | – | – | – | 247 | – | 247 |
| Net fair value gains/(losses) on remeasuring financial assets measured at fair value through other comprehensive income | 55.3 | – | – | – | – | 1,037,025 | – | – | – | – | – | 1,037,025 | – | 1,037,025 |
| Net gains/(losses) arising from translating the Financial Statements of foreign operations | 55.4 | – | – | – | – | – | (11,564,950) | – | – | – | – | (11,564,950) | (406,924) | (11,971,874) |
| Total comprehensive income for the year 2024 | – | – | 54,651,635 | – | 1,037,272 | (11,564,950) | – | – | – | – | 44,123,957 | 206,558 | 44,330,515 | |
| Transactions with owners recognised directly in equity, contributions by and distributions to owners | ||||||||||||||
| Proceeds from Right issue of Ordinary shares | 51 | 22,543,555 | – | – | – | – | – | – | – | – | – | 22,543,555 | – | 22,543,555 |
| Issue of ordinary voting shares under employee share option plans | 51 | 272,475 | – | – | – | – | – | – | – | – | – | 272,475 | – | 272,475 |
| Transfer o/a share-based payment transactions | 51 | 19,017 | – | – | – | – | – | – | (19,017) | – | – | – | – | – |
| Transfer of cost o/a of expired ESOP shares (net of tax) | 54 & 55.5 | – | – | 42,808 | – | – | – | – | (61,154) | – | – | (18,346) | – | (18,346) |
| Dividends to equity holders | 2,234,044 | – | (8,519,130) | – | – | – | – | – | – | – | (6,285,086) | (20,364) | (6,305,450) | |
| First & final dividend for 2023 satisfied in the form of cash | 25 | – | – | (5,913,644) | – | – | – | – | – | – | – | (5,913,644) | (16,800) | (5,930,444) |
| First & final dividend for 2023 satisfied in the form of issue and allotment of new shares | 25 & 51 | 2,234,044 | – | (2,628,286) | – | – | – | – | – | – | – | (394,242) | – | (394,242) |
| Unclaimed dividend absorbed/(dividend paid) in respect of previous years | – | – | 22,800 | – | – | – | – | – | – | – | 22,800 | 36 | 22,836 | |
| Interim dividend for 2024 | – | – | – | – | – | – | – | – | – | – | – | (3,600) | (3,600) | |
| Share-based payment transactions | 55.5 | – | – | – | – | – | – | – | 22,180 | – | – | 22,180 | – | 22,180 |
| Transfers during the year | 53to 55 | – | 2,883,152 | (38,584,646) | – | – | – | – | – | 8,731,494 | 26,970,000 | – | – | – |
| Total transactions with equity holders | 25,069,091 | 2,883,152 | (47,060,968) | – | – | – | – | (57,991) | 8,731,494 | 26,970,000 | 16,534,778 | (20,364) | 16,514,414 | |
| Balance as at December 31, 2024 | 88,017,094 | 16,469,686 | 17,533,670 | 11,502,088 | 3,001,285 | (1,867,487) | – | 41,609 | 8,731,494 | 137,700,003 | 281,129,442 | 4,689,980 | 285,819,422 | |
The Notes appearing on pages 307 to 458 form an integral part of these Financial Statements.