TL/2025/4652 April 30, 2025

The General Manager,

Pakistan Stock Exchange Limited,
Stock Exchange Building,
Stock Exchange Road,
Karachi – 74000

FINANCIAL RESULTS FOR THE NINE MONTHS ENDED MARCH 31, 2025 (UNCONSOLIDATED
AND CONSOLIDATED)

Dear Sir,

We are pleased to inform you that the Board of Directors of our Company in their meeting held on April
29, 2025 at 03:30 PM have approved the unaudited financial statements for the nine-months ended March
31, 2025 for submission to the shareholders and the Stock Exchange as required under section 237 of the
Companies Act, 2017.

The unaudited unconsolidated and consolidated results of the company for the nine months ended March
31, 2025 are attached as Annexure "A" & "B", respectively.

Cash Dividend: -Nil-

Bonus Shares: -Nil-
Right Shares: -Nil-

The quarterly report of the Company for the period ended March 31, 2025 will be transmitted through
PUCARS separately, within the specified time.

Yours faithfully,
For Thal Limited

Shahid Saleem
Chief Financial Officer

CC to:

Chief Executive Officer Executive Director / HOD

Central Depository Company of Pakistan Offsite-II Department, Supervision Division
CDC House # 99-B, Block-B Securities and Exchange Commission of Pakistan
S.M.C.H.S. Shahrah-e-Faisal 63, NIC Building, Jinnah Avenue
Karachi Blue Area, Islamabad

Fax: 021-34326034 / Tel: 111-111-500

 Annexure A
THAL LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2025
Unaudited Audited
March 31, June 30,
2025 2024
ASSETS ------------------(Rupees in '000)------------------

NON-CURRENT ASSETS
Property, plant and equipment 5,911,872 6,119,445
Intangible assets 240,474 252,199
Investment property 969 972
Long-term investm ents 13,101,612 13,081,737
Long-term deposits and advances 30,385 31,321
Deferred tax ass et 363,464 302,917
19,648,776 19,788,591
CURRENT ASSETS
Stores, spares and loose tools 229,461 221,519
Stock-in-trade 9,345,516 7,772,559
Trade debts 5,015,136 4,969,103
Loans and advances 141,407 162,431
Trade depos its and s hort-term prepaym ents 125,969 144,692
Interes t accrued 13,946 21,024
Other receivables 908,141 939,418
Short-term inves tm ents 8,017,001 7,288,577
Sales tax refundable 29,975 -
Cash and bank balances 1,124,251 1,447,121
24,950,803 22,966,444

TOTAL ASSETS 44,599,579 42,755,035

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital
(200,000,000 (June 30, 2024: 200,000,000) ordinary s hares of Rs . 5/- each) 1,000,000 1,000,000

Iss ued, subscribed and paid-up capital

81,029,909 (June 30, 2024: 81,029,909) ordinary shares of Rs. 5/- each 405,150 405,150
Reserves 31,951,967 30,842,114
32,357,117 31,247,264
NON-CURRENT LIABILITIES
Long-term deposits and payables 10,513 10,513
Long-term borrowings 3,264,146 3,568,823
Lease liabilities 4,323 24,809
Deferred income 159,387 202,323
3,438,369 3,806,468
CURRENT LIABILITIES
Trade and other payables 5,708,876 4,814,297
Warranty obligations 909,256 921,900
Accrued m ark-up 51,360 95,290
Unclaimed dividend 110,889 107,990
Unpaid dividend 27,478 23,137
Current portion of long-term borrowings 466,065 417,041
Current portion of leas e liabilities 28,577 29,996
Current portion of deferred income 58,046 63,487
Short-term borrowing 780,000 780,000
Incom e tax - net 663,546 446,812
Sales tax payable - 1,353
8,804,093 7,701,303

TOTAL EQUITY AND LIABILITIES 44,599,579 42,755,035

CONTINGENCIES AND COMMITMENTS

THAL LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED)
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025

Nine months ended Quarter ended

March 31, March 31, March 31, March 31,
2025 2024 2025 2024
Restated Restated

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

Revenue from contracts with customers 20,885,044 19,050,395 7,647,845 7,836,891

Cost of sales (18,737,837) (17,075,493) (6,793,112) (6,987,416)

Gross profit 2,147,207 1,974,902 854,733 849,475

Distribution and selling expenses (626,019) (562,221) (207,192) (225,671)

Administrative expenses (1,065,946) (919,047) (351,584) (326,025)
Other charges (38,550) (50,565) (27,981) (17,874)
(1,730,515) (1,531,833) (586,757) (569,570)

Other income 2,641,737 2,251,828 668,712 941,174

Operating profit 3,058,429 2,694,897 936,688 1,221,079

Finance cost (484,101) (587,755) (130,757) (187,702)

Profit before taxation and levy 2,574,328 2,107,142 805,931 1,033,377

Levy (241,371) (301,876) (86,524) (112,457)

Profit before taxation 2,332,957 1,805,266 719,407 920,920

Taxation (432,680) (372,351) (164,365) (194,361)

Profit after taxation 1,900,277 1,432,915 555,042 726,559

Rupees Rupees Rupees Rupees

Basic and diluted earnings per share 23.45 17.68 6.85 8.97
THAL LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025

RESERVES
Revenue
Issued,
Gain on
subscribed
revaluation of Total Equity
& paid-up Capital General Unappropriat
investments
capital Reserve ed profit
classified at
FVOCI

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

Balance as at June 30, 2023 (audited) 405,150 1,006,915 25,388,500 2,652,214 152,651 29,605,430

Transfer to general reserve - - 2,000,000 (2,000,000) - -

Final dividend @ Rs. 6.50 per share

for the year ended June 30, 2023 - - - (526,695) - (526,695)

1st Interim dividend @ Rs. 2.00/- per share - - - (162,060) - (162,060)

for the year ended June 30, 2024

Profit after taxation - - - 1,432,915 - 1,432,915

Other comprehensive loss - - - - 120,533 120,533
Total comprehensive income - - - 1,432,915 120,533 1,553,448

Balance as at March 31, 2024 (Unaudited) 405,150 1,006,915 27,388,500 1,396,374 273,184 30,470,123

Balance as at June 30, 2024 (audited) 405,150 1,006,915 27,388,500 2,153,887 292,812 31,247,264

Transfer to general reserve - - 1,600,000 (1,600,000) - -

Final dividend @ Rs. 6.00/- per share

for the year ended June 30, 2024 - - - (486,179) - (486,179)

1st Interim dividend @ Rs. 4.00/- per share

for the year ending June 30, 2025 (324,120) - (324,120)

Profit after taxation - - - 1,900,277 - 1,900,277

Other comprehensive income - - - - 19,875 19,875
Total comprehensive income - - - 1,900,277 19,875 1,920,152

Balance as at March 31, 2025 (Unaudited) 405,150 1,006,915 28,988,500 1,643,865 312,687 32,357,117
THAL LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2025
Ma rc h 3 1, Ma rc h 3 1,
2025 2024
- - - - - - - - - - - - - - - - - - - (Ru pe e s in '0 0 0 )- - - - - - - - - - - - - - - - - - -
Re sta te d
CAS H F LO WS F RO M O P ERATING ACTIV IT IES
Profit before taxation 2,332,957 1,805,266
Ad justme n ts fo r non - c a sh a nd o the r ite ms:
Levy 241,371 301,876
Deprec iation on:
- Right- of- use assets 15,899 16,561
- Others 811,564 705,866
Gain on disposal of operating fixed assets (10,173) (18,632)
Amortization 89,086 46,935
Finance c ost of:
- Lease liabilities against right- of- use assets 3,722 5,029
- Others 480,379 582,726
Dividend income (1,597,435) (1,632,902)
Interest inc ome (92,581) (105,613)
Gain on revaluation / redemption of investments c lassified at fair value through profit or loss (824,218) (219,734)
Provision / (reversal) of allowanc e for expec ted credit losses 1,817 17,992
(Reversal) / provision for obsolesc ence of inventories (47,901) 182,301
Reversal of provision (622) (77,929)
Provision / (reversal) for impairment on loan to subsidiary - 10,000
Provision for retirement benefits 11,507 11,262
(917,585) (174,262)
(Inc re a se ) / de c re a se in c urre nt a sse ts
Stores, spares and loose tools (15,593) (54,233)
Stoc k- in- trade (1,517,405) 728,091
Trade debts (47,850) (2,189,549)
Loans and advanc es 21,023 215,780
Trade deposits and short- term prepayments 18,723 1,253,938
Other receivables 23,744 (71,289)
Sales tax refundable (31,328) 241,581
(1,548,686) 124,319
Inc re a se / (de c re a se ) in c urre nt lia b ilitie s
Trade and other payables 1,003,314 (1,190,100)
Ca sh u se d in ope ra tions 870,000 565,223
Finance c osts paid (528,031) (586,441)
Retirement benefits paid (14,116) (12,377)
Inc ome tax and levies paid (628,482) (534,573)
Long- term deposits - net 936 (121)
Ne t c a sh use d in o pe ra ting a c tivitie s (299,693) (568,289)
CAS H F LO WS F RO M INV ES TING ACTIV ITIES
Additions to property, plant and equipment (646,494) (733,864)
Additions to intangible assets (77,359) (101,701)
Proc eeds from disposal of operating fixed assets 36,780 28,782
Loan to subsidiary company - (10,000)
Long- term advanc e - 244,837
Dividend income rec eived 1,597,435 1,631,915
Interest inc ome received (64,298) 27,713
Long- term investment in subsidiary company - (60,000)
Short- term investments - net 1,824,945 386,641
Ne t c a sh ge ne ra te d from in ve sting a c tivitie s 2,671,009 1,414,323
CAS H F LO WS F RO M F INANCING ACTIV ITIES
Principal portion of lease rentals paid (21,905) (18,984)
SBP's Temporary Ec onomic Refinance Fac ility repaid (137,737) (99,274)
SBP's Financ ing Scheme for Renewable Energy repaid (42,059) (15,122)
Long- term financing repaid (124,234) 292,319
Dividends paid (803,059) (683,692)
Ne t c a sh use d in fina nc ing a c tivitie s (1,128,994) (524,753)

Ne t inc re a se in c a sh a n d c a sh e quiva le nts 1,242,322 321,281

Cash and cash equivalents at the beginning of the period 1,924,270 1,151,888
Ca sh a nd c a sh e qu iva le nts a t th e e n d of the p e riod 3,166,592 1,473,169
Cash and bank balances 1,124,251 1,473,169
Short term investment 2,042,341 -
Total cash and cash equivalents 3,166,592 1,473,169
 Annexure B
THAL LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2025
(Un-audited) (Audited)
March 31, June 30,
2025 2024
------------------(Rupees in '000)------------------
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 7,301,312 7,539,917
Intangible assets 240,669 252,469
Investment property 5,333,343 5,570,223
Long-term investments 32,010,464 27,283,036
Long-term deposits and advances 35,360 36,296
44,921,148 40,681,941
CURRENT ASSETS
Stores, spares and loose tools 269,691 256,820
Stock-in-trade 10,007,595 8,524,650
Trade debts 5,207,746 5,324,021
Loans and advances 182,363 182,066
Trade deposits and short-term prepayments 153,131 159,003
Interest accrued 27,327 43,082
Other receivables 1,021,429 1,045,041
Short-term investments 15,697,098 13,454,691
Sales tax refundable 43,560 80,590
Cash and bank balances 1,631,255 2,229,835
34,241,195 31,299,799

TOTAL ASSETS 79,162,343 71,981,740

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Authorised capital
200,000,000 (June 30, 2024: 200,000,000) ordinary shares of Rs.5 each 1,000,000 1,000,000

Issued, subscribed and paid-up capital

81,029,909 (June 30, 2024: 81,029,909) ordinary shares of Rs. 5/- each 405,150 405,150
Share deposit money 12 12
Reserves 50,038,652 45,285,627
Equity attributable to equity holders' of the parent 50,443,814 45,690,789
Non-controlling interest 7,349,894 7,271,332
57,793,708 52,962,121

NON-CURRENT LIABILITIES
Long-term deposits and liability 345,907 343,417
Long-term borrowings 3,293,393 3,922,134
Lease liabilities against right-of-use assets 989,057 861,696
Deferred income 159,387 202,323
Deferred tax liability 5,177,495 4,061,328
9,965,239 9,390,898

CURRENT LIABILITIES
Trade and other payables 6,514,735 5,715,756
Warranty Provision 985,253 986,538
Accrued mark-up 60,721 144,209
Unclaimed dividend 110,889 107,990
Unpaid dividend 655,972 23,137
Current portion of long-term borrowings 467,347 521,937
Current portion of lease liablities against right-of-use assets 28,577 131,263
Current portion of deferred income 58,046 63,487
Short-term borrowings 1,114,625 1,074,831
Income Tax - net 1,407,231 859,573
11,403,396 9,628,721
TOTAL EQUITIES AND LIABILITIES 79,162,343 71,981,740

CONTINGENCIES AND COMMITMENTS

THAL LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED)
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025

Nine months ended Quarter ended

March 31, March 31, March 31, March 31,
2025 2024 2025 2024
------------------(Rupees in '000)------------------
------------------(Rupees in '000)------------------
Restated Restated
Revenue - net 23,413,466 20,742,982 8,535,982 8,889,234

Cost of sales (21,220,211) (18,838,718) (7,673,837) (7,972,361)

Gross Profit 2,193,255 1,904,264 862,145 916,873

Distribution and selling expenses (643,355) (566,601) (213,677) (226,211)

Administrative expenses (1,470,005) (1,366,541) (461,682) (500,476)
Other charges (41,631) (31,879) (28,421) (17,952)
(2,154,991) (1,965,021) (703,780) (744,639)

Other income 4,495,796 3,936,136 1,233,451 1,270,038

Operating Profit 4,534,060 3,875,379 1,391,816 1,442,272

Finance costs (660,922) (797,502) (174,026) (264,901)

3,873,138 3,077,877 1,217,790 1,177,371

Share of net profit of associates - after tax 5,272,707 6,466,037 1,620,500 1,284,326

Profit before levy and taxation 9,145,845 9,543,914 2,838,290 2,461,697

Levy (322,344) (477,964) (62,766) (170,508)

Profit before taxation 8,823,501 9,065,950 2,775,524 2,291,189

Taxation (2,592,091) (1,939,129) (871,426) (561,113)

Profit after taxation 6,231,410 7,126,821 1,904,098 1,730,076

Attributable to:
- Equity holders of the Holding Company 5,524,353 6,516,180 1,693,753 1,514,501
- Non-controlling interest 707,057 610,641 210,345 215,575
6,231,410 7,126,821 1,904,098 1,730,076

Rupees Rupees Rupees Rupees

Basic and diluted earnings per share attributable to the equity

holders of the Holding Company 68.18 80.42 20.90 18.69
THAL LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025

RESERVES
Revenue

Gain / (loss)
Issued,
Share on revaluation Non-
subscribed & Capital General Unappropriat
deposit of investments controlling Total equity
paid-up Reserve ed profit
money classified at interest
capital
FVOCI

---------------------------- Rupees in thousands --------------------------------

Balance as at July 1, 2023 405,150 12 67,929 25,430,375 12,913,071 147,682 7,031,653 45,995,872

Transfer to general reserve - - - 2,000,000 (2,000,000) - - -

Final dividend @ Rs. 6.00/- per share

for the year ended June 30, 2023 - - - - (526,695) - - (526,695)

1st Interim dividend @ Rs. 2.00/- per share

for the year ended June 30, 2024 - - - - (162,060) - - (162,060)

Subsidiary Company

Final dividend @ Rs. 0.723/- per share

for the year ended June 30, 2023 - - - - - - (96,930) (96,930)

1st Interim dividend @ Rs. 1.044/- per share

for the year ended June 30, 2024 - - - - - - (177,479) (177,479)

2nd Interim dividend @ Rs. 1.330/- per share

for the year ended June 30, 2024 - - - - - - (182,009) (182,009)

Profit for the period - - - - 6,516,180 - 610,641 7,126,821

Other comprehensive income - - - - 23,311 120,533 - 143,844
Total comprehensive income - - - - 6,539,491 120,533 610,641 7,270,665

Balance as at March 31, 2024 (Un-audited) 405,150 12 67,929 27,430,375 16,763,807 268,215 7,185,876 52,121,364

Balance as at July 1, 2024 405,150 12 67,929 27,430,375 17,499,480 287,843 7,271,332 52,962,121

Transfer to general reserve - - - 1,600,000 (1,600,000) - - -

Final dividend @ Rs. 6.50/- per share

for the year ended June 30, 2024 - - - - (486,179) - - (486,179)

1st Interim dividend @ Rs. 4.00/- per share

for the year ending June 30, 2025 - - - - (324,120) - - (324,120)

Subsidiary Company
Final dividend @ Rs. 1.453/- per share
for the year ended June 30, 2024 - - - - - - (197,642) (197,642)

1st Interim dividend @ Rs. 1.953/- per share

for the year ending June 30, 2025 - - - - - - (265,627) (265,627)

2nd Interim dividend @ Rs. 1.21/- per share

for the year ending June 30, 2025 - - - - - - (165,226) (165,226)

Profit for the period - - - - 5,524,353 - 707,057 6,231,410

Other comprehensive loss - - - - 19,096 19,875 - 38,971
Total comprehensive income - - - - 5,543,449 19,875 707,057 6,270,381

Balance as at March 31, 2025 (Unaudited) 405,150 12 67,929 29,030,375 20,632,630 307,718 7,349,894 57,793,708
THAL LIMITED
CONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT (UNAUDITED)
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025

Nine months ended

March 31, March 31,
2025 2024
------------------(Rupees in '000)------------------
CASH FLOWS FROM OPERATING ACTIVITIES Restated
Profit before taxation 8,823,501 9,065,950
Adjustments for non-cash charges and other items:
Levy 322,344 477,964
Depreciation on:
- Right-of-use assets 21,735 48,810
- Others 1,221,095 1,083,657
Gain on disposal of property, plant and equipment (18,263) (24,554)
Gain on disposal of investment property - -
Amortisation 89,298 47,133
Share in profit of associates - after taxation (5,272,707) (6,466,037)
Finance cost of:
- Lease liabilities 97,017 91,947
- Others 563,905 705,555
Dividend income (278,914) (949,489)
Interest income (930,543) (518,356)
Liability no longer payable (622) (77,929)
Gain on revaluation / redemption of investments classified at fair value through profit or loss (824,218) (219,734)
Provision/(reversal) of allowance for expected credit loss 1,817 17,992
Provision for obsolescence of inventories (65) 165,674
Provision for retirement benefits 11,507 11,262

(4,996,614) (5,606,105)
3,826,887 3,459,845
Increase in current assets
Stores, spares and loose tools (28,499) (62,401)
Stock-in-trade (1,467,162) 403,960
Trade debts 114,457 (2,425,022)
Loans and advances (298) 209,944
Trade deposits and short-term prepayments 5,872 1,260,594
Other receivables 18,400 (78,080)
Sales tax refundable 37,030 231,589
Increase / (decrease) in current liabilities
Deferred income (2,443) 4,313
Trade and other payables 955,701 (881,261)
(366,942) (1,336,364)
Cash generated from operations 3,459,945 2,123,481
Finance costs paid (744,416) (806,705)
Retirement benefits paid (13,498) (11,879)
Income tax and levies paid (1,395,453) (1,263,861)
Long-term deposits - net 3,426 1,752
Net cash generated from operating activities 1,310,004 42,788
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment (791,411) (825,175)
Additions to investment property (9,794) (50,392)
Additions to intangible assets (77,493) (101,105)
Proceeds from disposal of property, plant and equipment 52,124 46,986
Long term advance - 244,837
Dividends received 1,240,261 1,620,947
Interest income received 220,670 377,110
Long-term investments made - (59,590)
Short-term investments - net 872,633 (498,965)
Net cash generated from investing activities 1,506,990 754,653
CASH FLOWS FROM FINANCING ACTIVITIES
Principal portion of lease rentals 24,675 (52,452)
SBP's Temporary Economic Refinance Facility repaid (137,737) (99,274)
SBP's Financing Scheme for Renewable Energy repaid (42,059) (15,122)
Long term borrowing for energy projects (554,899) 767,319
Dividends paid (1,180,156) (1,140,110)
Net cash used in financing activities (1,890,176) (539,639)
NET INCREASE IN CASH AND CASH EQUIVALENTS 926,818 257,802
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 2,412,153 1,426,593
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 3,338,971 1,684,395
Cash and bank balances 1,631,255 1,986,265
Short-term investments 2,042,341 -
Short-term running finance (334,625) (301,870)
3,338,971 1,684,395