QUARTERLY

REPORT
MARCH 31,
2024
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02 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

Board of Directors Human Resource & Remuneration Committee

Mr. Muhammad M. Ismail Chairman Mr. M. Zubair Motiwala Chairman
Mr. Munsarim Saifullah Chief Executive Officer Mr. Maqsood Ismail Ahmed Member
Mr. Ahmed Muhammad Executive Director Mr. Hamid Maqsood Ismail Member
Mr. Hamid Maqsood Ismail Non-Executive Director
Mr. Maqsood Ismail Ahmed Non-Executive Director Company Secretary
Mr. M. Zubair Motiwala Independent Director Mr. Ghulam Farooq
Ms. Tasneem Yusuf Independent Director
Chief Financial Officer
Mr. Ahmed Raza Parekh
Audit Committee Members
Ms. Tasneem Yusuf Chairperson Auditor
Mr. Muhammad M. Ismail Member Grant Thornton Anjum Rahman
Mr. Maqsood Ismail Ahmed Member Chartered Accountants

Registered Office Legal Advisor

17, Bangalore Town, Mohsin Tayebaly & Co.
Main Shahrah-e-Faisal, Karachi
Share Registrar
Factories THK Associates (Pvt.) Limited

Unit-1: C-230, Hub H.I.T.E., Bankers / Institutions

Balochistan. Pakistan Allied Bank Limited
Askari Bank Limited
Unit -2: B-140, Hub H.I.T.E., Al Baraka Bank Limited
Balochistan. Pakistan Bank Alfalah Limited
Bank Al-Habib Limited
Unit-3: G-1, Hub H.I.T.E., Bank Islami Pakistan Limited
Balochistan. Pakistan Dubai Islamic Bank (Pakistan) Limited
Unit-4: G-22, Hub H.I.T.E., Faysal Bank Limited
Balochistan. Pakistan Habib Bank Limited
Habib Metropolitan Bank Limited
Unit-5: 38-C, Sundar Industrial Estate Industrial & Commercial Bank of China Limited
Raiwind Road, Lahore, Pakistan JS Bank Limited
MCB Bank Limited
Unit-6: D-91, D-92 & D-94 North Western Zone, MCB Islamic Bank Limited
Port Qasim , Karachi, Sindh, Pakistan Meezan Bank Limited
National Bank of Pakistan
Unit-7: E164-168, North Western Zone,
PAIR Investment Company Limited
Port Qasim, Karachi, Sindh, Pakistan
Pak Brunei Investment Co. Ltd
Unit-8: E154-157, North Western Zone, Pak Oman Investment Co. Ltd
Port Qasim, Karachi, Sindh, Pakistan Soneri Bank Limited
Standard Chartered Bank (Pakistan) Limited
Unit-9: G-1, Hub H.I.T.E., The Bank of Punjab
Balochistan. Pakistan

Unit-10: E164-168, North Western Zone,

Port Qasim karachi. Karachi, Sindh, Pakistan
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 03

DIRECTOR’S REVIEW REPORT

The Directors of the Company are pleased to FUTURE PROSPECT

present the brief performance review together
with Standalone and Consolidated Condensed Our portfolio has led the industry for many
Interim Financial Statements of the Company for years, our strong fundamentals can sustain our
the quarter and nine months period ended leadership. By stepping up our productivity,
March 31, 2024. Financial highlights for the performance and accelerating market
period under consideration are as follows: development in emerging markets, we will
increase our domestic and global market share.
Mar-24 Mar-23
Particulars Change% ‘Good-Better-Best’ portfolio is a core element of
PKR in Million
our strategy. Our strategy initiatives include
Gross Sales 95,819 72,479 32%
preimmunizing our portfolio through technology
Gross Profit 18,497 13,154 41% that fits consumer expectations, leveraging
Operating Profit 11,558 7,172 61% partnerships for category expansion, and
Profit after tax 5,239 4,335 21% increasing impact through gross margin,
EPS in (PKR) 78.95 65.32 21% portfolio optimization, and sustainability. We
believe that our dedicated and focused efforts
will allow us to provide better value to meet
BUSINESS OUTLOOK
consumers’ everyday needs and deliver
profitable growth for the benefit of all
Pakistan is currently experiencing one of the stakeholders.
worst and most challenging economic phases in
its history with inflation rate higher than the ACKNOWLEDGEMENT
ones seen in the decades, drastic current
The Board would like to express their deepest
account deficit, substantial increase in utilities appreciation to our stakeholders, who have
tariffs, consequently damaging industrial sectors always shown confidence in company. We would
nationwide. These factors have badly affected also like to place on record our sincere
businesses, but during the period under review, appreciation for the commitment and dedication
the Company showed a remarkable growth of put in by each staff member of the Company. We
32% in gross revenue resulting in a 41% increase are confident that they will continue to do so in
future.
in gross profit and 21% in profit after tax
compared to the corresponding period.
On behalf of the Board of Directors
Creating top and bottom-line value is therefore
an important area of focus. Firstly, by offering a
range of products to consumers, from affordable
to more premium, and secondly, through cost
management and productivity improvements.
Munsarim Saifullah Maqsood Ismail
We increased net margins through productivity
Chief Executive Director
and savings programs, as well as a premium
category-focused organization. We prioritize
creating strong bottom-line value for all our
brands, particularly our Power Brands.
Karachi: April 24, 2024
‫‪04‬‬ ‫‪QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED‬‬

‫'‬

‫مارچ‪2023‬‬ ‫مارچ‪2024‬‬
‫تفصیل‬
‫پاکستانی روپے ملین میں‬
‫‪32%‬‬ ‫‪72,479‬‬ ‫‪95,819‬‬ ‫مجموعی فروخت‬
‫‪IMT‬‬ ‫‪13,154‬‬ ‫‪18,497‬‬ ‫خام منافع‬
‫‪41%‬‬
‫‪61%‬‬ ‫‪7,172‬‬ ‫‪11,558‬‬ ‫کاروباری منافع‬
‫‪21%‬‬ ‫‪4,335‬‬ ‫‪5,239‬‬ ‫خالص منافع‬
‫‪21%‬‬ ‫‪65.32‬‬ ‫‪78.95‬‬ ‫فی حصص ا ٓمدن‬

‫‪FMCG‬‬
06 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2024
(Un-audited) (Audited)
March 31, 2024 June 30, 2023
Note -------------------Rupees----------------
ASSETS
Non-current assets
Property, plant and equipment 7 31,921,938,870 28,838,283,325
Intangible assets 250,000 2,226,707
Long term investments 8 9,585,168,144 8,751,140,930
Long term deposits 26,866,015 26,314,265
Total non-current assets 41,534,223,029 37,617,965,227
Current assets
Stores and spares 742,474,027 628,624,878
Stock-in-trade 9 14,878,452,439 15,884,922,017
Trade debts 10 14,776,622,343 10,504,519,178
Loans and advances 5,439,568,299 3,217,437,351
Loans to subsicdiaries and associate 11 5,810,500,000 -
Trade deposits and short-term prepayments 12 71,361,839 286,829,531
Short term investment 1,413,725,850 1,151,277,927
Other receivables 13 3,441,305,030 1,229,970,513
Taxation - net 1,163,765,702 1,003,831,065
Cash and bank balances 14 475,527,384 1,530,218,047
Total current assets 48,213,302,913 35,437,630,507
Total assets 89,747,525,942 73,055,595,734
EQUITY AND LIABILITIES
Share capital and reserves
Authorized share capital
250,000,000 (June 30, 2023: 250,000,000) ordinary share of Rs. 10 each 2,500,000,000 2,500,000,000

Issued, subscribed and paid-up share capital 663,569,400 663,569,400

Reserves 22,490,903,028 17,052,163,857
Total shareholders' equity 23,154,472,428 17,715,733,257
Non-current liabilities
Sponsors' loan - subordinated - -
Long term finances - secured 15 20,783,295,530 23,192,131,400
Deferred liabilities 16 2,854,057,863 2,474,283,601
Total non-current liabilities 23,637,353,393 25,666,415,001
Current liabilities
Trade and other payables 17 9,833,196,490 8,369,012,245
Accrued mark-up 1,349,755,941 1,091,598,751
Short term finances - secured 18 20,506,517,422 15,108,282,892
Islamic Redeemable Sukuk 19 4,000,000,000 -
Current portion of:
- long term finances - secured 15 5,961,795,519 4,096,392,253
Unclaimed dividend 5,228,293 5,069,267
Advances from customers - unsecured 1,299,206,456 1,003,092,068
Total current liabilities 42,955,700,121 29,673,447,476
Total liabilities 66,593,053,514 55,339,862,477
Total equity and liabilities 89,747,525,942 73,055,595,734
Contingencies and commitments 20
The annexed selected notes from 1 to 28 form an integral part of these unconsolidated condensed interim financial statements.

Munsarim Saifullah Maqsood Ismail Ahmed Ahmed Raza Parekh

Chief Executive Officer Director Chief Financial Officer
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 07

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024
Nine-months Period Ended Three-months Period Ended
March 31, March 31, March 31, March 31,
Note 2024 2023 2024 2023
-------------------Rupees---------------- -----------------Rupees---------------

Sales - gross 22.1 95,819,270,709 72,478,566,812 28,504,972,680 25,673,235,978

Sales returns and discounts (2,190,515,760) (1,624,698,973) (711,326,275) (518,258,296)
Export Rebate 13,948,378 21,495,613 2,137,388 14,129,043
(2,176,567,382) (1,603,203,360) (709,188,887) (504,129,253)
93,642,703,327 70,875,363,452 27,795,783,793 25,169,106,725
Sales tax (7,735,071,084) (6,724,332,690) (2,606,516,485) (2,117,860,265)
Sales - net 85,907,632,243 64,151,030,762 25,189,267,308 23,051,246,460
Cost of sales 22.1 (67,410,955,288) (50,997,201,666) (19,615,893,419) (18,432,510,137)
Gross profit 18,496,676,955 13,153,829,096 5,573,373,889 4,618,736,323
Selling and distribution expenses (5,897,406,718) (5,115,961,205) (1,737,853,453) (1,652,079,229)
Administrative expenses (1,041,168,847) (866,023,738) (348,810,082) (360,947,427)
Operating profit 11,558,101,390 7,171,844,153 3,486,710,354 2,605,709,667
Other operating expenses (792,194,720) (627,355,198) (221,464,006) (271,433,305)
10,765,906,670 6,544,488,955 3,265,246,348 2,334,276,362
Other income 1,078,979,986 1,225,377,024 (30,002,685) 775,527,530
11,844,886,656 7,769,865,979 3,235,243,663 3,109,803,892
Finance cost (5,882,938,479) (2,631,722,466) (1,816,043,968) (1,133,963,748)
5,961,948,177 5,138,143,513 1,419,199,695 1,975,840,144
Share of profit from associated company-net 437,867,945 15,555,899 246,306,536 42,772,249
Profit before taxation 6,399,816,122 5,153,699,412 1,665,506,231 2,018,612,393
Taxation (1,161,124,725) (818,937,814) (325,100,574) (440,818,109)
Profit after taxation 5,238,691,397 4,334,761,598 1,340,405,657 1,577,794,284

Other Comprehensive Income / (loss)

Item that will not be reclassified to
unconsolidated statement of profit or loss in
subsequent periods
Share of other comprehensive income / (loss) from
associated company - net of tax 336,735,379 (40,058,100) 234,314,360 (75,378,005)
Unrealized loss on remeasurement of investment
classified as fair value through OCI - net of tax (3,973,725) - (1,083,825) (1,728,900)
Other comprehensive income / (loss) for the 332,761,654 (40,058,100) 233,230,535 (77,106,905)
period - net of tax
Total comprehensive income for the period 5,571,453,051 4,294,703,498 1,573,636,192 1,500,687,379
Earnings per share - basic & 24 78.95 65.32 20.20 23.78
diluted
The annexed selected notes from 1 to 28 form an integral part of these unconsolidated condensed interim financial statements.

Munsarim Saifullah Maqsood Ismail Ahmed Ahmed Raza Parekh

Chief Executive Officer Director Chief Financial Officer
 08

Total reserves
Capital reserve Revenue reserves
Issued,
Total
subscribed Remeasurement Remeasurement
shareholders'
and paid-up Share Amalgamation of investment in of investments at Unappropriated Total reserves
equity

Munsarim Saifullah
share capital premium reserves associated fair value profit

Chief Executive Officer

company through OCI
---------------------------------- Rupees ---------------------------------------
Balance as at July 01, 2022 - audited 663,569,400 1,472,531,500 916,862,067 (406,125,879) (7,645,000) 9,940,389,165 11,916,011,853 12,579,581,253
Total comprehensive income/(loss) for the period
Profit for the nine months period ended March 31, 2023 - - - - - 4,334,761,598 4,334,761,598 4,334,761,598
Share of other comprehensive loss from associated company - net of tax - - - (40,058,100) - - (40,058,100) (40,058,100)
Total comprehensive (loss) / income for the period - - - (40,058,100) - 4,334,761,598 4,294,703,498 4,294,703,498
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

Transaction with owners, recognised directly in equity

Final cash dividend for the year ended June 30, 2022 @ Rs. 4 per share - - - - - (265,427,760) (265,427,760) (265,427,760)
Balance as at March 31, 2023 663,569,400 1,472,531,500 916,862,067 (446,183,979) (7,645,000) 14,009,723,003 15,945,287,591 16,608,856,991

Director
QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

Balance as at July 01, 2023 663,569,400 1,472,531,500 916,862,067 (701,503,895) (11,962,300) 15,376,236,485 17,052,163,857 17,715,733,257
Total comprehensive income / (loss) for the period
Profit for the nine months period ended March 31, 2024 - - - - - 5,238,691,397 5,238,691,397 5,238,691,397
Unrealized loss on remeasurement of investment classified as fair

Maqsood Ismail Ahmed

value through OCI - net of tax - - - - (3,973,725) - (3,973,725) (3,973,725)
Share of other comprehensive loss from associated company - net of tax - - - 336,735,379 - - 336,735,379 336,735,379
Total comprehensive (loss) / income for the period - - - 336,735,379 (3,973,725) 5,238,691,397 5,571,453,051 5,571,453,051
Transaction with owners, recognised directly in equity
Final cash dividend for the year ended June 30, 2023 @ Rs. 2 per share - - - - - (132,713,880) (132,713,880) (132,713,880)
B a l a n c e a s a t M a rc h 31, 2024 663,569,400 1,472,531,500 916,862,067 (364,768,516) (15,936,025) 20,482,214,002 22,490,903,028 23,154,472,428

The annexed selected notes from 1 to 28 form an integral part of these unconsolidated condensed interim financial statements.
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

Ahmed Raza Parekh

Chief Financial Officer
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 09

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

March 31, March 31,

2024 2023
Note -------------------Rupees----------------
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated / (used in) from operations after working capital changes 21 2,468,495,879 (3,733,818,700)
Gratuity paid (78,114,722) (58,941,473)
Income tax paid - net (1,096,347,914) (747,787,860)
Long-term deposits - net (551,750) (2,629,297)
Net cash generated / (used in) from operating activities 1,293,481,493 (4,543,177,330)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure (including CWIP) (5,330,853,895) (4,933,893,278)
Payments for short-term investment (262,447,923) (341,223,299)
Proceeds from disposal of property, plant and equipment 147,663,879 76,445,456
Net cash used in investing activities (5,445,637,939) (5,198,671,121)
CASH FLOWS FROM FINANCING ACTIVITIES
(Payment) / Receipts from long term finances - net (543,432,604) 3,736,998,258
Payments against lease liabilities - (7,145,793)
Short term finance obtained - net 5,520,581,710 994,702,854
Finance cost paid (5,624,781,289) (2,244,877,279)
Dividends paid (132,554,854) (265,107,028)
Net cash (used in) / generated from financing activities (780,187,037) 2,214,571,012
Net decrease in cash and cash equivalents (4,932,343,483) (7,527,277,439)
Cash and cash equivalents at the beginning of the period (3,910,330,488) (915,742,282)
Cash and cash equivalents at the end of the period (8,842,673,971) (8,443,019,721)
Cash and bank balances 14 475,527,384 994,685,682
Running finances under mark-up arrangement 18.5 (9,318,201,355) (9,437,705,403)
(8,842,673,971) (8,443,019,721)
The annexed selected notes from 1 to 28 form an integral part of these unconsolidated condensed interim financial
statements.

Munsarim Saifullah Maqsood Ismail Ahmed Ahmed Raza Parekh

Chief Executive Officer Director Chief Financial Officer
10 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024
1 LEGAL STATUS AND OPERATIONS
Ismail Industries Limited (the Company) was incorporated in Karachi, Pakistan as a private limited company on June 21, 1988.
On November 01, 1989 the Company was converted into a public limited company. The registered office of the Company is
situated at 17 - Bangalore Town, main Shahrah-e-Faisal, Karachi, Pakistan. The shares of the Company are quoted on Pakistan
Stock Exchange. Principal activities of the Company are manufacturing and trading of sugar confectionery items, biscuits,
potato chips, nutritional products, flour, cereal, cast polypropylene (CPP) and biaxially-oriented polyethylene terephthalate
(BOPET) film under the brands of 'CandyLand', 'Bisconni', 'Snackcity', 'Ismail nutrition', 'Ghiza', 'Super Cereal' and 'Astro
films' respectively.
2 SIGNIFICANT EVENTS AND TRANSACTIONS
'During the nine-months period, no significant event occurred.
3 STATEMENT OF COMPLIANCE
These unconsolidated condensed interim financial statements have been prepared in accordance with the accounting and
reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as
applicable in Pakistan for interim financial reporting comprise of:
- International Accounting Standard (lAS) 34, Interim Financial Reporting, issued by the International Accounting
Standards Board (IASB) as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ from the requirements of lAS 34, the
provisions of and directives issued under the Companies Act, 2017 have been followed.
4 BASIS OF PREPARATION
These unconsolidated condensed interim financial statements of the Company do not include all of the information and
disclosure required in the unconsolidated annual audited financial statements and should be read in conjunction with the
unconsolidated annual audited financial statements of the Company as at and for the year ended June 30, 2023. However,
selected explanatory notes are included to explain the events and transactions that are significant to an understanding of the
changes in the Company's financial position and performance since the last annual financial statements.
The figures in the unconsolidated condensed interim statement of financial position, unconsolidated condensed interim
statement of profit or loss and other comprehensive income, unconsolidated condensed interim statement of changes in equity
and unconsolidated condensed interim statement of cash flows together with the relevant notes to the unconsolidated
condensed interim financial statements for the nine-months period ended March 31, 2024 are not audited. Further, the figures
for the three-months period ended March 31, 2024 and 2023 have not been reviewed by the auditors.
4.1 Functional And Presentation Currency
These unconsolidated condensed interim financial statements are presented in Pakistani Rupees which is also Company's
functional currency and presentation currency.
4.2 Standard, Amendment or interpretation to published approved accounting standards
4.2.1 Standards, amendments and interpretations to the published standards that may be relevant to the Company and
adopted in the current period.
There were certain amendments to accounting and reporting standards which became effective for the Company for the
current year. However, these are considered not to be relevant or to have any significant impact on the Company’s financial
reporting and, therefore, have not been disclosed in these unconsolidated condensed interim financial statements.
4.2.2Standards, amendments and interpretations to the published standards that may be relevant but not yet effective and
not early adopted by the Company
There are standards and certain other amendments to accounting and reporting standards that are not yet effective and notified
and are considered either not to be relevant or to have any significant impact on the Company’s financial statements and
operations and, therefore, have not been disclosed in these unconsolidated condensed interim financial statements.
4.2.3Standards, amendments and interpretations to the published standards that may be relevant but not early adopted by
the Securities exchange commission of Pakistan.
There are standards and certain other amendments to accounting and reporting standards that are not yet effective and notified
and are considered either not to be relevant or to have any significant impact on the Company’s unconsolidated condensed
interim financial statements and operations and, therefore, have not been adopted by the SECP.
5 MATERIAL ACCOUNTING POLICIES
The accounting policies and methods of computation adopted for the preparation of these unconsolidated condensed interim
financial statements are the same as those applied in the preparation of the unconsolidated financial statements for the year
ended June 30, 2023.
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 11

6 USE OF JUDGEMENTS AND ESTIMATES AND FINANCIAL RISK MANAGEMENT

The estimates / judgements and associated assumptions used in the preparation of these unconsolidated condensed interim
financial statements are consistent with those applied in the preparation of the unconsolidated financial statements of the
Company for the year ended June 30, 2023.
The Company's financial risk management objective and policies are consistent with those disclosed in the Company's
unconsolidated annual audited financial statements for the year ended June 30, 2023.
(Un-audited) (Audited)
March 31, June 30,
2024 2023
7 PROPERTY, PLANT AND EQUIPMENT Note -------------------Rupees----------------
Operating fixed assets 7.1 29,667,339,867 24,468,208,608
Capital work in progress - at cost 7.2 2,254,599,003 4,370,074,717
31,921,938,870 28,838,283,325
7.1 Detail of additions and disposals to operating fixed assets and right-of-use assets during the nine-months period are as follows:
(Un-audited)
Additions/Transfers Disposals
--------At cost-------- --------At net book value--------
March 31, March 31, March 31, March 31,
2024 2023 2024 2023
-------------------------------- Rupees --------------------------------
Owned assets
Building on leasehold land 1,579,752,294 164,173,961 - -
Leasehold land - 498,886,221 - -
Plant and machinery 5,158,628,032 2,422,986,167 6,394,857 47,909
Furniture and fittings 32,789,262 37,258,220 - 56,625
Equipment's 376,322,955 35,452,920 - 66,100
Computers 16,298,195 11,051,596 2,270,819 1,661,472
Vehicles 282,538,856 391,636,788 86,774,672 55,871,468
7,446,329,594 3,561,445,873 95,440,348 57,703,574
Right-of-use assets
Vehicles - (43,086,540) - -
- (43,086,540) - -
7,446,329,594 3,518,359,333 95,440,348 57,703,574
7.2 Detail of additions in and transfers from capital work in progress during the nine-months period are as follows:
(Un-audited)
Additions Transfers
----------------------------------At cost----------------------------------
March 31, March 31, March 31, March 31,
2024 2023 2024 2023
---------------------------------- Rupees ---------------------------------------
Civil works 1,662,831,947 1,130,358,154 1,579,752,294 164,173,961
Plant and machinery 3,104,308,457 2,725,342,446 5,158,628,032 2,422,986,167
Equipment and Furniture 280,283,204 210,157,556 424,518,981 63,164,083
5,047,423,608 4,065,858,156 7,162,899,307 2,650,324,211

(Un-audited) (Audited)
March 31, June 30,
2024 2023
8 LONG-TERM INVESTMENTS Note -------------------Rupees----------------
Investment in subsidiary companies- unquoted shares
Hudson Pharma (Private) Limited 2,525,984,000 2,525,984,000
Ismail Resin (Private) Limited 3,000,000,000 3,000,000,000
5,525,984,000 5,525,984,000
Investment in associated undertakings
The Bank of Khyber - quoted shares 8.1 4,059,184,144 3,225,156,930
9,585,168,144 8,751,140,930
12 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

8.1 The Bank of Khyber

The total shareholding of the Company in the Bank of Khyber (the Bank) is 269,383,781 (June 30, 2023: 269,383,781) shares
which represents 24.43% of the paid-up capital of the Bank (June 2023: 24.43%). In addition to this, the Company also has
representation on the board of directors of the Bank. The Bank concludes its annual financial results on December 31 as
required by the State Bank of Pakistan for financial institutions. Amounts in these unconsolidated condensed interim financial
statements have been taken from audited financial statements of the Bank for the year ended December 31, 2023. Adjustment
to confirm to the Bank's accounting policies is not warranted as the Bank is not engaged in like transaction under similar
circumstances.
The market value of holding in the Bank as on March 31, 2024 was Rs. 3,211.05 million (June 30, 2023: Rs. 3,633.98 million).
This investment is accounted for under the equity method. The aggregate amount of the investment in associated company
recognized in these unconsolidated condensed interim financial statements are as follows:
The Bank of Khyber
(Un-audited) (Audited)
March 31, June 30,
2024 2023
-------------------Rupees----------------

Carrying value at beginning of the period 3,225,156,930 3,144,584,786

Share of profit from associate 437,867,945 428,075,707
Share of other comprehensive income / (loss) 396,159,269 (347,503,563)
4,059,184,144 3,225,156,930
All transfers of funds to the Company, i.e. distribution of cash dividends, are subject to approval by means of a resolution
passed by the shareholders of the associated company. During the period, no bonus shares and cash dividend has been
received from the Bank (June 30, 2023: 5% and Rs. nil per share) respectively.
(Un-audited) (Audited)
March 31, June 30,
2024 2023
9 STOCK-IN-TRADE Note -------------------Rupees----------------
Raw materials 9,177,486,149 9,788,455,953
Packing materials 1,707,297,061 2,229,628,657
Work-in-process 436,140,937 640,053,565
Finished goods 3,557,528,292 3,226,783,842
14,878,452,439 15,884,922,017
10 TRADE DEBTS
Considered good
- export - secured 5,402,892,950 5,805,638,355
- local - unsecured 9,583,095,655 4,857,344,865
14,985,988,605 10,662,983,220
Allowance for expected credit loss (209,366,262) (158,464,042)
Trade debts - net 14,776,622,343 10,504,519,178
11 LOANS TO SUBSIDIARIES AND ASSOCIATE
Subsidiaries
- Ismail Resin (Private) Limited 5,495,000,000 -
- Hudson Pharma (Private) Limited 192,000,000 -
Associate
- Innovita Nutrition (Private) Limited 123,500,000 -
5,810,500,000 -
12 TRADE DEPOSITS AND SHORT TERM PREPAYMENTS
Trade deposits - unsecured 53,646,647 286,277,691
Short term prepayments 17,715,192 551,840
71,361,839 286,829,531
13 OTHER RECEIVABLE
Export rebate 50,888,392 36,605,266
Sales tax carry forward 2,624,963,075 1,092,963,220
Markup receivable 424,928,757 -
Other receivables 13.1 & 13.2 340,524,806 100,402,027
3,441,305,030 1,229,970,513
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 13

13.1 This amount includes Rs. 100.217 million (June 2023; Rs 100.217 million) due from Nazir of the Sindh High Court as
referred in note. 27.1.2 of unconsolidated financial statement of the Company for the year ended June 30, 2023.
13.2 These includes advance paid during the period to the Nazir of Court as mentioned in note no. 20.1.2 of this
unconsolidated condensed interim financial statements for the nine months period ended March 31, 2024. (June 2023: Nil)
(Un-audited) (Audited)
March 31, June 30,
2024 2023
14 CASH AND BANK BALANCES -------------------Rupees----------------
Cash in hand 87,088,821 5,723,588
Cash with banks in:
- current accounts- conventional 167,419,047 1,123,432,695
- current accounts- islamic 221,019,516 401,061,764
475,527,384 1,530,218,047
15 LONG TERM FINANCES - secured

(Un-audited) (Audited)
March 31, 2024 June 30, 2023
-----------------------------------------------------Rupees-----------------------------------------------------
Conventional Islamic Total Conventional Islamic Total
At beginning of the period / year 19,946,072,320 7,342,451,333 27,288,523,653 15,415,662,067 7,654,387,206 23,070,049,273
Obtained during the period / year 2,647,544,024 - 2,647,544,024 7,342,147,636 142,163,389 7,484,311,025
Repaid during the period / year (2,236,262,238) (954,714,390) (3,190,976,628) (2,811,737,383) (454,099,262) (3,265,836,645)
20,357,354,106 6,387,736,943 26,745,091,049 19,946,072,320 7,342,451,333 27,288,523,653
Less: Current maturity (4,301,820,361) (1,659,975,158) (5,961,795,519) (2,727,894,540) (1,368,497,713) (4,096,392,253)
16,055,533,745 4,727,761,785 20,783,295,530 17,218,177,780 5,973,953,620 23,192,131,400

15.1 These represent financing for property, plant and equipment. The above mentioned facilities are secured by way of
creation of equitable mortgage and pari-passu / ranking charge over present and future fixed assets of the Company and
personal guarantees of directors. Further terms and conditions are consistent with financial information as presented in the
unconsolidated financial statements of the Company for the year ended June 30, 2023.
15.2 The Company's total limit for long term loan amounting to Rs. 35,648 million. (June 2023: Rs. 34,187 million)
(Un-audited) (Audited)
March 31, June 30,
2024 2023
16 DEFERRED LIABILITIES Note ------------------Rupees---------------
Provision for staff gratuity scheme - unfunded 793,370,694 696,630,495
Deferred tax liability 2,060,687,169 1,777,653,106
2,854,057,863 2,474,283,601
17 TRADE AND OTHER PAYABLES
Trade creditors 6,434,016,395 5,907,554,310
Other liabilities 3,399,180,095 2,461,457,935
9,833,196,490 8,369,012,245
18 SHORT TERM FINANCES - SECURED
Term finances - Conventional 18.1 2,300,000,000 1,649,997,917
Term finances - Islamic 18.2 378,476,940 452,236,440
Export refinances 18.3 8,210,500,000 7,565,500,000
Finance against discounting of export bills / receivables 18.4 299,339,127 -
RunningRunning
finance finance utilized under mark-up arrangement 18.5 9,318,201,355 5,440,548,535
20,506,517,422 15,108,282,892
18.1 These represent facilities for term finances arranged from various banks aggregating to Rs. 3,305 million (June 2023: Rs.
6,365 million). These are secured against pari-passu / ranking hypothecation over stocks and book debts of the Company
along with the personal guarantees of directors. These carry mark-up at the rates ranging from 20.83% to 24.69% per
annum (June 2023: 16.20% to 22.20% per annum).
18.2 These represent facilities for term finances arranged from various banks aggregating to Rs. 800 million (June 2023: Rs. 800
million). These are secured against pari-passu hypothecation over stocks and book debts of the Company along with the
personal guarantees of directors. These carry mark-up at the rates ranging from 21.85% to 23.28% per annum (June 2023:
12.64% to 22.27% per annum).
18.3 These represent facilities for export refinance arranged from various banks aggregating to Rs. 8,260.50 million (June 2023:
Rs. 7,665 million). These are secured against pari-passu hypothecation of stocks, book debts and lien on export letters of
credit of the Company along with the personal guarantees of directors. These carried mark-up at the rate 0.25% to 1%
above the State Bank of Pakistan (SBP) rate per annum (June 2023: 0.25% to 1% above SBP rate per annum).
14 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

18.4 These represent facilities for finance against discounting of export bills / receivable arranged from bank aggregating to Rs.
1,441 million (June 2023: Rs.1,400 million). These are secured against pari-passu hypothecation over stocks and book
debts of the Company along with the personal guarantees of directors. These carry mark-up at the rate 1% above the State
Bank of Pakistan (SBP) rate per annum (June 2023: 1% above SBP rate per annum).
18.5 These represent facilities for running finances available from various banks aggregated to Rs. 13,899.50 million (June 2023:
Rs. 9,155 million). These are secured against pari-passu / ranking hypothecation of stocks, book debts and personal
guarantees of directors. These carry mark-up at the rates ranging from 21.61% to 23.91% per annum (June 2023: 14.50%
to 22.98% per annum).
19 ISLAMIC REDEEMABLE SUKUK
During the period, the Company has raised short term financing in the form of privately placed Islamic Redeemable Sukuk
to meet the working capital requirements. This carries mark-up based on 6 months KIBOR plus 50 bps and having
maturity of six months from the date of its drawdown.
20 CONTINGENCIES AND COMMITMENTS
20.1 Contingencies
20.1.1 Except note no. 20.1.2 there are no material change in the status of contingencies as reported in note no. 27 to the
unconsolidated financial statement of the Company for the year ended June 30, 2023.
20.1.2 The Company had filed a Suit S-2535 before the High Court of Sindh and challenged the OGRA notification bearing no.
OGRA-(10)-3(8)/2023 dated November 08, 2023 for increase in the price of natural gas and different prices for industrial
and captive connection where the same is used for self-consumption by industrial undertaking. The Court vide its order
dated December 18, 2023 passed an interim stay order in favour of the Company and suspended the afore-mentioned
notification by allowing to pay monthly gas charges as per previous notification and directed the Company to pay the
differential amount by way of cash in favour of the Nazir of Court. The cumulative differential amount is approximately
Rs 240.12 million (exclusive of sales tax) which has not been recorded in this unconsolidated condensed interim financial
statements.
20.1.3 With reference to the contingency of associated company, The Bank of Khyber (BOK), please refer the note 22 of audited
financial statement for the year ended December 31, 2023 of associated Company.
(Un-audited) (Audited)
March 31, June 30,
2024 2023
20.2 Commitments --------------------Rupees-----------------
20.2.1 Outstanding letters of guarantee 2,716,099,990 3,065,474,545
20.2.2 Cross Corporate guarantees issued by the Company on behalf 8,124,037,000 4,838,811,644
of subsidiaries / associated company
20.2.3 Outstanding letters of credit for:
- capital expenditures 16,311,302 726,605,896
- raw material - 5,585,776,940
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 15

(Un-audited) (Un-audited)
March 31, March 31,
21 CASH GENERATED FROM OPERATIONS AFTER WORKING 2024 2023
CAPITAL CHANGES Note --------------------Rupees-----------------
Profit before taxation 6,399,816,122 5,153,699,412
Adjustments for non-cash and other items:
Depreciation 2,151,758,004 1,755,011,543
Amortization charge 1,976,705 2,826,550
Gain on disposal of property, plant and equipment - net (52,223,531) (18,741,882)
Provision for staff gratuity scheme - unfunded 174,854,921 148,373,781
Provision for doubtful debts 50,902,220 -
Provision for slow moving - Stock in trade 24,057,766 123,154,713
Share of profit from associated undertaking (437,867,945) (15,555,899)
Unrealized exchange gain on short term investment (5,075,000) -
Unrealized exchange (gain) / loss 18,723,442 (255,971,604)
Finance cost 5,882,938,479 2,631,722,466
Net changes in working capital 21.1 (11,741,365,304) (13,258,337,780)
Cash generated / (used in) from operations after working capital changes 2,468,495,879 (3,733,818,700)
21.1 Working capital changes
Increase in current assets
Stores and spares (113,849,149) (122,272,911)
Stock-in-trade 982,411,812 (6,413,547,199)
Trade debts (4,346,414,327) (6,788,169,414)
Loans and advances (8,032,630,948) (1,656,202,772)
Trade deposits and short-term prepayments 215,467,692 (418,863,219)
Other receivables (2,211,334,517) (13,267,448)
(13,506,349,437) (15,412,322,963)

Increase in current liabilities

Trade and other payables 1,468,869,745 2,061,102,051
Advances from customers - unsecured 296,114,388 92,883,132
1,764,984,133 2,153,985,183
Net increase in working capital (11,741,365,304) (13,258,337,780)
 16

22 SEGMENT INFORMATION
A segment is a distinguishable component of the Company that is engaged in business activities from which the Company earn revenues and incur expenses and its results are regularly reviewed by the Company's chief operating decision maker to make decision about resources to
be allocated to the segment and assess its performance. Further, discrete financial information is available for each segment.
Based on internal management reporting structure and products produced and sold, the company is organised into the following two operating segments:
- Food segment
- Plastic segment
Management monitors the operating results of above-mentioned segments separately for the purpose of making decisions about resources to be allocated and of assessing performance.
*Segment revenue, segment result, costs, assets and liabilities for the period are as follows:
(Un-audited)
22.1 Three-months Period Ended Nine-months Period Ended
Food Segment Plastic Segment Total Food Segment Plastic Segment Total
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
---------------------------------------------------------------------------------------------------------Rupees---------------------------------------------------------------------------------------------------
Sales
Local 15,359,696,917 13,831,200,718 4,010,783,625 3,626,201,176 19,370,480,542 17,457,401,894 45,946,797,220 38,746,366,520 11,833,294,101 11,834,817,599 57,780,091,321 50,581,184,119
Export 8,308,079,192 7,585,201,967 826,412,946 630,632,117 9,134,492,138 8,215,834,084 35,648,826,487 20,710,051,473 2,390,352,901 1,187,331,220 38,039,179,388 21,897,382,693
Export rebates 2,137,388 14,129,043 - - 2,137,388 14,129,043 13,948,378 21,495,613 - - 13,948,378 21,495,613
23,669,913,497 21,430,531,728 4,837,196,571 4,256,833,293 28,507,110,068 25,687,365,021 81,609,572,085 59,477,913,606 14,223,647,002 13,022,148,819 95,833,219,087 72,500,062,425
Less:
Sales return and discounts (707,238,727) (509,545,720) (4,087,548) (8,712,576) (711,326,275) (518,258,296) (2,174,371,258) (1,594,961,781) (16,144,502) (29,737,192) (2,190,515,760) (1,624,698,973)
Sales tax (1,980,363,955) (1,563,590,867) (626,152,530) (554,269,398) (2,606,516,485) (2,117,860,265) (5,893,815,757) (4,952,378,729) (1,841,255,327) (1,771,953,961) (7,735,071,084) (6,724,332,690)
(2,687,602,682) (2,073,136,587) (630,240,078) (562,981,974) (3,317,842,760) (2,636,118,561) (8,068,187,015) (6,547,340,510) (1,857,399,829) (1,801,691,153) (9,925,586,844) (8,349,031,663)
Net sales 20,982,310,815 19,357,395,141 4,206,956,493 3,693,851,319 25,189,267,308 23,051,246,460 73,541,385,070 52,930,573,096 12,366,247,173 11,220,457,666 85,907,632,243 64,151,030,762
Cost of sales (15,813,721,010) (15,325,148,923) (3,802,172,409) (3,107,361,214) (19,615,893,419) (18,432,510,137) (56,535,586,182) (41,630,999,233) (10,875,369,106) (9,366,202,433) (67,410,955,288) (50,997,201,666)
QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

Selling and distribution expenses (1,513,501,034) (1,516,036,410) (224,352,419) (136,042,819) (1,737,853,453) (1,652,079,229) (5,269,039,385) (4,722,984,767) (628,367,333) (392,976,438) (5,897,406,718) (5,115,961,205)
Administrative expenses (302,319,059) (311,259,101) (46,491,023) (49,688,326) (348,810,082) (360,947,427) (890,170,855) (718,663,832) (150,997,992) (147,359,906) (1,041,168,847) (866,023,738)
(17,629,541,103) (17,152,444,434) (4,073,015,851) (3,293,092,359) (21,702,556,954) (20,445,536,793) (62,694,796,422) (47,072,647,832) (11,654,734,431) (9,906,538,777) (74,349,530,853) (56,979,186,609)
Segment result 3,352,769,712 2,204,950,707 133,940,642 400,758,960 3,486,710,354 2,605,709,667 10,846,588,648 5,857,925,264 711,512,742 1,313,918,889 11,558,101,390 7,171,844,153
Unallocated income and expenses
Other operating income 1,078,979,986 1,225,377,024
Finance cost (5,882,938,479) (2,631,722,466)
Other operating expenses (792,194,720) (627,355,198)
Share of profit from associated company-net 437,867,945 15,555,899
Profit before taxation 6,399,816,122 5,153,699,412
Income tax expense (1,161,124,725) (818,937,814)
Profit for the period 5,238,691,397 4,334,761,598
Food Segment Plastic Segment Total
(Un-audited) (Audited) (Un-audited) (Audited) (Un-audited) (Audited)
March 31, June 30, March 31, June 30, March 31, June 30,
2024 2023 2024 2023 2024 2023
----------------------------------------------------Rupees----------------------------------------------------
22.2 Segment assets 52,324,213,865 46,220,297,112 18,350,788,735 15,202,736,562 70,675,002,600 61,423,033,674
22.3 Unallocated assets - - - - 19,072,523,342 11,632,562,060
52,324,213,865 46,220,297,112 18,350,788,735 15,202,736,562 89,747,525,942 73,055,595,734
22.4 Segment liabilities 30,684,482,910 21,193,509,378 7,102,792,386 5,080,176,340 37,787,275,296 26,273,685,718
22.5 Unallocated liabilities - - - - 28,805,778,218 29,066,176,759
30,684,482,910 21,193,509,378 7,102,792,386 5,080,176,340 66,593,053,514 55,339,862,477
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 17

(Un-audited) (Audited)
March 31, June 30,
2024 2023
23 RECONCILIATION OF REPORTABLE SEGMENT Note -------------------Rupees----------------
ASSETS AND LIABILITIES
Assets
Total assets for reportable segments 22.2 70,675,002,600 61,423,033,674
Administrative capital assets 1,838,200,591 1,730,143,203
Long term investments 8 9,585,168,144 8,751,140,930
Loans to subsicdiaries and associate 11 5,810,500,000 -
Short term investments 1,413,725,850 1,151,277,927
Other receivable 13 424,928,757 -
Total assets 89,747,525,942 73,055,595,734
Liabilities
Total liabilities for reportable segments 22.4 37,787,275,296 26,273,685,718
Deferred tax liabilities 2,060,687,169 1,777,653,106
Long term finance - secured 15 26,745,091,049 27,288,523,653
Total liabilities c 66,593,053,514 55,339,862,477
(Un-audited) (Un-audited)
March 31, March 31,
2024 2023
24 EARNINGS PER SHARE - Basic and Diluted --------------------Rupees-----------------
Earnings per share
Profit for the period 5,238,691,397 4,334,761,598
----------(Number) ----------
Weighted average number of ordinary shares during the period 66,356,940 66,356,940
----------(Rupees) ----------
Basic earnings per share 78.95 65.32
There is no dilutive potential ordinary shares outstanding as at March 31, 2024. (June-2023 Nil)
25 TRANSACTIONS AND BALANCES WITH RELATED PARTIES
Detail of transactions and balances with related parties during the period, other than those which have been specifically
disclosed elsewhere in the unconsolidated condensed interim financial statements are as follows:
(Un-audited)
March 31, March 31,
2024 2023
Transactions -------------------Rupees----------------
Plastiflex Films (Private) Limited
Common Directorship
- Purchase of raw and packing materials 20,490,468 49,199,529
- Metallization service (15,011,132) (3,978,621)
- Recovery against sales 12,291,051 3,978,621
- Payment against purchases (11,034,027) (42,599,116)
Innovita Nutrition (Private) Limited
Common Directorship
- Purchase of raw materials 1,088,754,826 -
- Payment against purchases (471,353,926) -
Ismail Resin (Private) Limited
Subsidiary Company
- Purchase of raw materials 1,892,731,836 -
- Payment against purchases (1,550,531,826) -
18 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

Others
Remuneration to directors and other key
management personnel:
Chief Executive Officer 14,683,480 13,725,000
Directors 12,651,967 11,737,503
Executives 714,295,221 658,244,144
741,630,668 683,706,647
In addition to the above, Company maintained cars are provided to the chief executive officer, directors and executives.
(Un-audited) (Audited)
March 31, June 30,
Balances 2024 2023
-------------------Rupees----------------
Plastiflex Films (Private) Limited
-Payable to associate - net 6,736,360 -
Innovita Nutrition (Private) Limited
- (Payable) / Advance to associate (184,993,899) 432,407,000
`
Ismail Resin (Private) Limited
- Payable to subsidiary (342,200,010) -
26 FAIR VALUE MEASUREMENT
The Company’s policies with the regards to fair value measurement are consistent with those disclosed in the annual
financial statements for the year ended June 30, 2023. There is no change in the nature and corresponding hierarchies of fair
value levels of financial instruments from those as disclosed in the audited financial statements of the Company for the year
ended June 30, 2023.
The carrying values of financial assets and liabilities are approximate of their fair values. The table below analyzes financial
assets that are measured at fair value, by valuation method.
The different levels have been defined as follows:
- Level 1 : Quoted prices in active markets for identical assets and liabilities;
- Level 2 : Observable inputs; and
- Level 3 : Unobservable inputs
The Company held the following financial assets at fair value;

March 31, 2024

Total June 30, 2023
(Level 1) (Level 2) (Level 3)
-------------------------------Rupees-------------------------------
Investment in associated company 3,211,054,670 - - 3,211,054,670 3,633,987,206
Short term investment 932,385,000 - - 932,385,000 834,465,000
4,143,439,670 - - 4,143,439,670 4,468,452,206

27 FINANCIAL RISK MANAGEMENT

The Company's financial risk management objectives and policies are consistent with those disclosed in the unconsolidated
financial statements for the year ended June 30, 2023.

28 DATE OF AUTHORIZATION FOR ISSUE

These unconsolidated condensed interim financial statements were authorized for issue on April 24, 2024 by the Board
Directors of the Company.

Munsarim Saifullah Maqsood Ismail Ahmed Ahmed Raza Parekh

Chief Executive Officer Director Chief Financial Officer
20 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2024
(Un-audited) (Audited)
March 31, 2024 June 30, 2023
Note -------------------Rupees----------------
ASSETS
Non-current assets
Property, plant and equipment 7 44,660,352,368 38,374,111,226
Right-of-use assets 7.1 35,396,230 42,412,009
Intangible assets 250,000 2,226,707
Goodwill 12,173,553 12,173,553
Long term investments 8 4,059,184,144 3,225,156,930
Long term deposits 32,490,658 33,172,123
Total non-current assets 48,799,846,953 41,689,252,548
Current assets
Stores and spares 869,465,593 655,628,210
Stock-in-trade 9 21,819,488,828 16,276,555,986
Trade debts 10 16,936,781,714 10,669,814,953
Loans and advances 5,744,162,176 3,352,311,584
Trade deposits and short-term prepayments 118,673,952 313,867,170
Short term investment 1,559,768,917 1,671,884,971
Other receivables 5,135,259,197 2,320,979,357
Taxation - net 1,542,044,873 1,115,183,469
Cash and bank balances 12 665,304,723 1,651,166,603
Total current assets 54,390,949,973 38,027,392,303
Total assets 103,190,796,926 79,716,644,851
EQUITY AND LIABILITIES
Share capital and reserves
Authorized share capital
250,000,000 (June 30, 2023: 250,000,000) ordinary share of Rs. 10 each 2,500,000,000 2,500,000,000
Issued, subscribed and paid-up share capital 663,569,400 663,569,400
Reserves 20,825,975,387 15,543,088,252
Non-controlling interest 1,139,696,219 1,180,807,449
Total shareholders' equity 22,629,241,006 17,387,465,101
Non-current liabilities
Long-term finances - secured 13 25,327,802,964 27,813,006,872
Lease liabilities 16,069,627 22,111,918
Deferred liabilities 14 2,907,891,090 2,519,366,746
Total non-current liabilities 28,251,763,681 30,354,485,536
Current liabilities
Trade and other payable 15 17,521,002,260 10,418,992,220
Accrued mark-up 1,582,948,664 1,200,346,240
Short-term finances - secured 16 21,293,621,526 15,108,282,892
Islamic Redeemable Sukuk 17 4,000,000,000 -
Current portion of:
- long-term finances - secured 13 6,460,759,657 4,208,884,532
- lease liabilities 9,487,177 10,826,930
Unclaimed dividend 5,228,293 5,069,267
Advances from customers - unsecured 1,436,744,662 1,022,292,133
Total current liabilities 52,309,792,239 31,974,694,214
Total liabilities 80,561,555,920 62,329,179,750
Total equity and liabilities 103,190,796,926 79,716,644,851
Contingencies and commitments 18
The annexed selected notes from 1 to 25 form an integral part of these consolidated condensed interim financial
statements.

Munsarim Saifullah Maqsood Ismail Ahmed Ahmed Raza Parekh

Chief Executive Officer Director Chief Financial Officer
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 21

CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024
Nine-months Period Ended Three-months Period Ended
Note March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Rupees Rupees Rupees Rupees

Sales - gross 20.1 102,843,401,027 73,094,654,560 34,872,743,425 25,895,480,389

Sales returns and discounts (2,353,480,361) (1,747,477,703) (773,411,852) (553,148,396)
Export Rebate 13,948,378 21,495,613 2,137,388 14,129,043
(2,339,531,983) (1,725,982,090) (771,274,464) (539,019,353)
100,503,869,044 71,368,672,470 34,101,468,961 25,356,461,036
Sales tax (8,410,497,639) (6,724,332,690) (3,281,943,040) (2,117,860,265)
Sales - net 92,093,371,405 64,644,339,780 30,819,525,921 23,238,600,771
Cost of sales 20.1 (73,176,285,451) (51,399,481,161) (24,974,179,333) (18,589,674,402)
Gross profit 18,917,085,954 13,244,858,619 5,845,346,588 4,648,926,369
Selling and distribution expenses (6,292,400,963) (5,338,487,364) (1,914,328,201) (1,742,722,394)
Administrative expenses (1,209,086,767) (1,053,892,277) (400,486,093) (419,596,173)
Operating profit 11,415,598,224 6,852,478,978 3,530,532,294 2,486,607,802
Other operating expenses (818,829,528) (630,038,078) (154,580,488) (270,219,944)
10,596,768,696 6,222,440,900 3,375,951,806 2,216,387,858
Other income 1,193,006,594 1,294,538,230 27,521,894 818,503,439
11,789,775,290 7,516,979,130 3,403,473,700 3,034,891,297
Finance cost (5,945,842,113) (2,673,768,954) (1,935,513,042) (1,146,519,818)
5,843,933,177 4,843,210,176 1,467,960,658 0 1,888,371,479
Share of profit from associated company 437,867,945 15,555,899 246,306,536 42,772,249
Profit before taxation 6,281,801,122 4,858,766,075 1,714,267,194 1,931,143,728
Taxation (1,240,072,990) (819,323,524) (390,560,455) (441,203,819)
Profit after taxation 5,041,728,132 4,039,442,552 1,323,706,739 1,489,939,909
Profit for the period attributable to:
Shareholders of the Holding Company 5,082,839,362 4,103,609,192 1,326,237,362 1,508,992,394
Non-controlling interest (41,111,230) (64,166,640) (2,530,623) (19,052,485)
5,041,728,132 4,039,442,552 1,323,706,739 1,489,939,909
Other Comprehensive income / (loss)
Item that will not be reclassified to
consolidated statement of profit or loss in
subsequent periods
Share of other comprehensive income / (loss) from
associated company - net of tax 336,735,378 (40,058,100) 234,314,359 (75,378,005)
Unrealized loss on remeasurement of investment
classified as fair value through OCI - net of tax (3,973,725) - (1,083,825) (1,728,900)
Other comprehensive income / (loss) for the
332,761,653 (40,058,100) 233,230,534 (77,106,905)
period - net of tax
Total comprehensive income for the period 5,374,489,785 3,999,384,452 1,556,937,273 1,412,833,004
Total comprehensive income for the period
attributable to:
Shareholders of the Holding Company 5,415,601,015 4,063,551,092 1,559,467,896 1,431,885,489
Non-controlling interest (41,111,230) (64,166,640) (2,530,623) (19,052,485)
5,374,489,785 3,999,384,452 1,556,937,273 1,412,833,004
Earnings per share - basic & diluted 21 76.60 61.84 19.99 22.74

The annexed selected notes from 1 to 25 form an integral part of these consolidated condensed interim financial statements.

Munsarim Saifullah Maqsood Ismail Ahmed Ahmed Raza Parekh

Chief Executive Officer Director Chief Financial Officer
 22

Total reserves

Munsarim Saifullah
Issued, Capital reserve Revenue reserve

Chief Executive Officer

Non-
subscribed Remeasurement Total shareholders'
Share of OCI Controlling
and paid-up Share Amalgamation of investments at Unappropriated Total reserves equity
from associated Interest
share capital premium reserves fair value through profit
company
OCI
---------------------------------- Rupees ---------------------------------------
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

Balance as at July 01, 2022 - audited 663,569,400 1,472,531,500 916,862,067 (406,125,879) (7,645,000) 8,814,914,136 10,790,536,824 812,707,126 12,266,813,350
Total comprehensive income / (loss) for the period
Profit / (loss) for the nine months period ended March 31, 2023 - - - - - 4,103,609,191 4,103,609,191 (64,166,640) 4,039,442,551
Share of other comprehensive loss from associated company - net
of tax - - - (40,058,100) (40,058,100) (40,058,100)
Total comprehensive income / (loss) for the period - - - (40,058,100) - 4,103,609,191 4,063,551,091 (64,166,640) 3,999,384,451
Transaction with owners, recognised directly in equity

Director
QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

Final cash dividend for the year ended June 30, 2022 @ Rs. 4 per
share - - - - - (265,427,760) (265,427,760) - (265,427,760)
Balance as at March 31, 2023 663,569,400 1,472,531,500 916,862,067 (446,183,979) (7,645,000) 12,653,095,567 14,588,660,155 748,540,486 16,000,770,041
Balance as at July 01, 2023 - audited 663,569,400 1,472,531,500 916,862,067 (701,503,895) (11,962,300) 13,867,160,880 15,543,088,252 1,180,807,449 17,387,465,101

Maqsood Ismail Ahmed

Total comprehensive income / (loss) for the period
Profit / (loss) for the nine months period ended March 31, 2024 - - - - - 5,082,839,362 5,082,839,362 (41,111,230) 5,041,728,132
Unrealized loss on remeasurement of investment classified as fair
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

value through OCI - net of tax - - - - (3,973,725) - (3,973,725) - (3,973,725)

Share of other comprehensive loss from associated company - net
of tax - - - 336,735,378 - - 336,735,378 - 336,735,378
Total comprehensive income / (loss) for the period - - - 336,735,378 (3,973,725) 5,082,839,362 5,415,601,015 (41,111,230) 5,374,489,785
Final cash dividend for the year ended June 30, 2023 @ Rs. 2 per
share - - - - - (132,713,880) (132,713,880) - (132,713,880)
Balance as at March 31, 2024 663,569,400 1,472,531,500 916,862,067 (364,768,517) (15,936,025) 18,817,286,362 20,825,975,387 1,139,696,219 22,629,241,006

The annexed selected notes from 1 to 25 form an integral part of these consolidated condensed interim financial statements.

Ahmed Raza Parekh

Chief Financial Officer
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 23

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024
March 31, March 31,
2024 2023
Note -------------------Rupees----------------
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated / (used in) from operations after working capital changes 19 4,687,470,057 (4,535,953,086)
Gratuity paid (82,555,826) (66,526,830)
Income tax paid - net (1,442,222,945) (818,100,860)
Long-term deposits - net 681,465 (6,938,559)
Net cash generated / (used in) from operating activities 3,163,372,751 (5,427,519,335)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure (including CWIP) (8,663,648,513) (10,126,363,731)
Short term investments 112,116,054 (372,949,302)
Proceeds from disposal of property, plant and equipment 153,464,564 239,157,856
Net cash used in investing activities (8,398,067,895) (10,260,155,177)
CASH FLOWS FROM FINANCING ACTIVITIES
Net receipts from long-term financing - secured (233,328,783) 6,728,046,472
Sponsors' loan - 2,862,297,724
Lease repayments (7,382,044) (7,145,793)
Short term finances - secured 6,009,719,788 994,702,855
Finance cost paid (5,563,239,689) (2,213,187,827)
Dividends paid (132,554,854) (265,107,028)
Net cash generated from financing activities 73,214,418 8,099,606,403
Net decrease in cash and cash equivalents (5,161,480,726) (7,588,068,109)

Cash and cash equivalents at the beginning of the period (3,789,381,932) (785,025,151)
Cash and cash equivalents at the end of the period (8,950,862,658) (8,373,093,260)

CASH AND CASH EQUIVALENTS

Cash and bank balances 12 665,304,723 1,064,612,142
Running finances under mark-up arrangement 16.5 (9,616,167,381) (9,437,705,403)
(8,950,862,658) (8,373,093,261)

The annexed selected notes from 1 to 25 form an integral part of these consolidated condensed interim financial statements.

Munsarim Saifullah Maqsood Ismail Ahmed Ahmed Raza Parekh

Chief Executive Officer Director Chief Financial Officer
24 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024
1 LEGAL STATUS AND OPERATIONS
The Group consist of:
Holding Company: Ismail Industries Limited
Subsidiary Companies: Hudson Pharma (Private) Limited and Ismail Resin (Private) Limited
a) Ismail Industries Limited
Ismail Industries Limited (the Holding Company) was incorporated in Karachi, Pakistan as a private limited company
on June 21, 1988. On November 01, 1989 the Company was converted into a public limited company. The registered
office of the Holding Company is situated at 17 - Bangalore Town, Shahrah-e-Faisal, Karachi, Pakistan. Previously the
shares of the Holding Company were listed on the Karachi and Lahore Stock Exchanges. However, due to integration
of these Stock Exchanges into Pakistan Stock Exchange Limited effective from January 11, 2016 the shares of the
company are now quoted on Pakistan Stock Exchange Limited. Principal activities of the Holding Company are
manufacturing and trading of sugar confectionery items, biscuits, potato chips, flour, cereal, nutritional products, cast
polypropylene (CPP) and Biaxially-oriented polyethylene terephthalate (BOPET) film under the brands of 'Candyland',
'Bisconni', 'Snackcity', 'Ismail Nurition', 'Ghiza', 'Super Cereal' and 'Astro films' respectively.
b) Hudson Pharma (Private) Limited
Hudson Pharma (Private) Limited (HPPL) was incorporated in Pakistan as a private limited company on May 5, 2010.
The registered office of the HPPL is located at 17, Bangalore Town, Main Shahrah-e-Faisal, Karachi. Principal activities
of HPPL are manufacturing, processing, compounding, formulating, importing, exporting, packaging, marketing,
wholesale and retail trading and selling of all kinds of pharmaceutical, animal health, allied consumer products, drugs,
medicines and derma products.
c) Ismail Resin (Private) Limited
Ismail Resin (Private) Limited (IRPL) was incorporated in Karachi, Pakistan on January 13, 2021. The registered office
of IRPL is situated at 17 - Bangalore Town, Shahrah-e-Faisal, Karachi, Pakistan. Principal activities of IRPL are
manufacturing and selling of Polyester Resin.
2 SIGNIFICANT EVENTS & TRANSACTIONS
During the nine-months period, there was no significant event occurred.
3 STATEMENT OF COMPLIANCE
These consolidated condensed interim financial statements of the Group have been prepared in accordance with the
accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and
reporting standards as applicable in Pakistan for interim financial reporting comprise of:
- International Accounting Standard (lAS) 34, Interim Financial Reporting, issued by the International Accounting
Standards Board (IASB) as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ from the requirements of lAS 34,
the provisions of and directives issued under the Companies Act, 2017 have been followed.
4 BASIS OF PREPARATION
These consolidated condensed interim financial statements of the Group does not include all of the information and
disclosure required in the consolidated annual audited financial statements and should be read in conjunction with the
consolidated annual audited financial statements of the Group as at and for the year ended June 30, 2023. However,
selected explanatory notes are included to explain the events and transactions that are significant to an understanding of
the changes in the Group's financial position and performance since the last annual financial statements.
The figures in the consolidated condensed interim statement of financial position, consolidated condensed interim
statement of profit or loss and other comprehensive income, consolidated condensed interim statement of changes in
equity and consolidated condensed interim statement of cash flows together with the relevant notes to the consolidated
condensed interim financial statements for the nine-months period ended March 31, 2024 are not audited. Further, the
figures for the three-months period ended March 31, 2024 and 2023 have been reviewed by auditors of the Group.

4.1 Functional And Presentation Currency

These consolidated condensed interim financial statemnts are presented in Pakistani Rupees which is also Group's
functional currency and presentation currency.
4.2 Standard, Amendment or interpretation to approved accounting standards
4.2.1 Standards, amendments and interpretations to the published standards that may be relevant to the Group and
adopted in the current period
There were certain amendments to accounting and reporting standards which became effective for the Group for the
current year. However, these are considered not to be relevant or to have any significant impact on the Group’s financial
reporting and, therefore, have not been disclosed in these consolidated condensed interim financial statements.
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 25

4.2.2 Standards, amendments and interpretations to the published standards that may be relevant but not yet
effective and not early adopted by the Group
There are standards and certain other amendments to accounting and reporting standards that are not yet effective and
notified and are considered either not to be relevant or to have any significant impact on the Group’s financial
statements and operations and, therefore, have not been disclosed in these consolidated condensed interim financial
statements.
4.2.3 Standards, amendments and interpretations to the published standards that may be relevant but not early
adopted by the Securities exchange commission of Pakistan
There are standards and certain other amendments to accounting and reporting standards that are not yet effective and
notified and are considered either not to be relevant or to have any significant impact on the Group’s consolidated
condensed interim financial statements and operations and, therefore, have not been adopted by the SECP.

5 MATERIAL ACCOUNTING POLICIES

The accounting policies and methods of computation adopted for the preparation of these consolidated condensed
interim financial statements are the same as those applied in the preparation of the consolidated financial statements for
the year ended June 30, 2023.
6 USE OF JUDGEMENTS / ESTIMATES AND FINANCIAL RISK MANAGEMENT
The estimates / judgements and associated assumptions used in the preparation of these consolidated condensed
interim financial statements are consistent with those applied in the preparation of the consolidated financial statements
of the Group for the year ended June 30, 2023.
The Group's financial risk management objectives and policies are consistent with those disclosed in the Group's
consolidated annual audited financial statements for the year ended June 30, 2023.
(Un-audited) (Audited)
March 31, June 30,
2024 2023
7 PROPERTY, PLANT AND EQUIPMENT Note -------------------Rupees----------------
Operating fixed assets 7.2 32,025,437,574 26,889,151,820
Capital work in progress - at cost 7.3 12,634,914,794 11,484,959,406
44,660,352,368 38,374,111,226
7.1 Right-of-use assets 7.2 35,396,230 42,412,009
7.2 Detail of additions and disposals of operating and right-of-use assets during the nine-months period are as follows:
(Un-audited)
Additions/Transfers Disposals
--------At cost-------- --------At net book value--------
March 31, March 31, March 31, March 31,
2024 2023 2024 2023
-------------------------------- Rupees --------------------------------
Owned assets
Building on leasehold land 1,588,917,098 225,196,954 - -
Leasehold land - 498,886,221 - -
Plant and machinery 5,160,603,236 2,472,209,307 6,394,857 157,497,340
Furniture and fittings 41,654,217 40,477,234 - 56,625
Equipment 388,707,591 43,194,806 - 66,100
Computers 19,971,075 16,841,747 2,270,819 1,661,472
Vehicles 313,839,892 406,064,300 89,643,994 60,557,867
7,513,693,109 3,702,870,569 98,309,670 219,839,404
Right-of-use assets
Vehicles - (11,169,140) - -
- (11,169,140) - -
7,513,693,109 3,691,701,429 98,309,670 219,839,404
7.3 Detail of additions in and transfers from capital work-in-progress during the nine-months period are as follows:
(Un-audited)
Additions Transfers
----------------------------------At cost----------------------------------
March 31, March 31, March 31, March 31,
2024 2023 2024 2023
---------------------------------- Rupees ---------------------------------------
Civil works 2,529,155,163 1,488,364,163 1,579,752,294 164,173,961
Leasehold land - - - -
Plant and machinery 5,346,382,774 7,382,408,041 5,127,677,762 2,422,986,167
Equipment and computers 406,366,504 237,490,698 424,518,981 63,164,083
8,281,904,441 9,108,262,902 7,131,949,037 2,650,324,211
26 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

(Un-audited) (Audited)
March 31, June 30,
2024 2023
8 LONG-TERM INVESTMENTS Note -------------------Rupees----------------
Investment in associated undertakings
The Bank of Khyber - quoted shares 8.1 4,059,184,144 3,225,156,930
4,059,184,144 3,225,156,930
8.1 The Bank of Khyber
The total shareholding of the Holding Company in the Bank of Khyber (the Bank) is 269,383,781 (June 30, 2023:
269,383,781) shares which represents 24.43% of paid-up capital of the Bank (June 2023: 24.43%). In addition to this,
the Holding Company also has representation on the board of directors of the Bank. The Bank concludes its annual
financial results on December 31 as required by the State Bank of Pakistan for financial institutions. Amounts in these
consolidated condensed interim financial statements have been taken from audited financial statements of the Bank
for the year ended December 31, 2023. Adjustment to confirm to the Bank's accounting policies is not warranted as
the Bank is not engaged in like transaction under similar circumstances.
The market value of holding in the Bank as on March 31, 2024 was Rs. 3,211.05 million (June 30, 2023: Rs. 3,633.98
million).
These investments are accounted for under the equity method. The aggregate amount of the investments in associated
company recognized in these financial statements are as follows:
The Bank of Khyber
(Un-audited) (Audited)
March 31, June 30,
2024 2023
Carrying value at beginning of the period 3,225,156,930 3,144,584,786
Share of profit 437,867,946 428,075,707
Share of other comprehensive income / (loss) 396,159,269 (347,503,563)
4,059,184,144 3,225,156,930
All transfers of funds to the Group, i.e. distribution of cash dividends, are subject to approval by means of a resolution
passed by the shareholders of the associated company. During the period, no bonus shares and cash dividend has been
received from the Bank (June 30, 2023: 5% and Rs. nil per share) respectively.
(Un-audited) (Audited)
March 31, June 30,
2024 2023
9 STOCK-IN-TRADE -------------------Rupees-------------
Raw materials 10,716,384,989 10,005,337,837
Packing materials 1,808,056,299 2,272,074,000
Work-in-process 669,287,024 644,262,138
Finished goods 8,625,760,516 3,354,882,011
21,819,488,828 16,276,555,986
10 TRADE DEBTS
Considered good
- export - secured 5,887,616,267 5,805,638,355
- local - unsecured 11,258,531,709 5,022,640,640
17,146,147,976 10,828,278,995
Allowance for expected credit loss (209,366,262) (158,464,042)
Trade debts - net 16,936,781,714 10,669,814,953
11 TRADE DEPOSITS AND SHORT TERM PREPAYMENTS
Trade deposits - unsecured 75,704,232 312,583,280
Short term prepayments 37,818,626 1,283,890
113,522,858 313,867,170
12 CASH AND BANK BALANCES
Cash in hand 113,405,949 6,126,486
Cash with banks in: -
- current accounts- conventional 202,659,045 1,240,343,136
- current accounts- islamic 349,239,729 404,696,981
665,304,723 1,651,166,603
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 27

13 LONG TERM FINANCES - secured

(Un-audited) (Audited)
March 31, 2024 June 30, 2023
-----------------------------------------------------Rupees-----------------------------------------------------
Conventional Islamic Total Conventional Islamic Total
At beginning of the period / year 24,449,440,071 7,572,451,333 32,021,891,404 16,698,616,806 7,924,387,206 24,623,004,012
Obtained during the period / year 3,102,754,170 - 3,102,754,170 10,649,467,081 142,163,389 10,791,630,470
Repaid during the period / year (2,331,368,563) (1,004,714,390) (3,336,082,953) (2,898,643,816) (494,099,262) (3,392,743,078)
25,220,825,678 6,567,736,943 31,788,562,621 24,449,440,071 7,572,451,333 32,021,891,404
Less: Current maturity (4,730,784,499) (1,729,975,158) (6,460,759,657) (2,770,386,819) (1,438,497,713) (4,208,884,532)
20,490,041,179 4,837,761,785 25,327,802,964 21,679,053,252 6,133,953,620 27,813,006,872

13.1 These represent financing for property, plant and equipment. The above mentioned facilities are secured by way of
creation of equitable mortgage and pari-passu / ranking charge over present and future fixed assets of the Group and
personal guarantees of directors. Further terms and conditions are consistent with financial information as presented
in the consolidated financial statements of the Group for the year ended June 30, 2023
13.2 The Group's total limit for long term loan amounting to Rs. 41,018 million. (June 2023: Rs. 39,557 million)
(Un-audited) (Audited)
March 31, June 30,
2024 2023
14 DEFERRED LIABILITIES Note ----------------Rupees-------------

Provision for staff gratuity scheme - unfunded 847,203,920 741,713,640

Deferred tax liability 2,060,687,169 1,777,653,106
2,907,891,090 2,519,366,746

15 TRADE AND OTHER PAYABLES Note ----------------Rupees-------------

Trade creditors 13,043,007,228 7,316,148,050
Other liabilities 4,477,995,032 3,102,844,170
17,521,002,260 10,418,992,220
16 SHORT TERM FINANCES - SECURED
Term finances - conventional 16.1 2,789,138,078 1,649,997,917
Term finances - islamic 16.2 378,476,940 452,236,440
Export refinances 16.3 8,210,500,000 7,565,500,000
Finance against discounting of export bills / receivables 16.4 299,339,127 -
Running finance utilized under mark-up arrangement 16.5 9,616,167,381 5,440,548,535
21,293,621,526 15,108,282,892
16.1 These represent facilities for term finances arranged from various banks aggregating to Rs. 4,305 million (June 2023:
Rs. 6,365 million). These are secured against pari-passu / ranking hypothecation over stocks and book debts of the
Group along with the personal guarantees of directors. These carry mark-up at the rates ranging from 20.38% to
24.69% per annum (June 2023: 16.20% to 22.20% per annum).
16.2 These represent facilities for term finances arranged from various banks aggregating to Rs. 800 million (June 2023: Rs.
800 million). These are secured against pari-passu hypothecation over stocks and book debts of the Group along with
the personal guarantees of directors. These carry mark-up at the rates ranging from 21.58% to 23.28% per annum
(June 2023: 12.64% to 22.27% per annum).
16.3 These represent facilities for export refinance arranged from various banks aggregating to Rs. 8,260.50 million (June
2023: Rs. 7,665 million). These are secured against pari-passu hypothecation of stocks, book debts and lien on export
letters of credit of the Company along with the personal guarantees of directors. These carried mark-up at the rate
ranging from 0.25% to 1% above the State Bank of Pakistan (SBP) rate per annum (June 2023: 0.25% to 1% above
SBP rate per annum).
16.4 These represent facilities for finance against discounting of export bills / receivable arranged form bank aggregating to
Rs. 1,441 million (June 2023: Rs. 1,400 million). These are secured against pari-passu hypothecation over stocks and
book debts of the Group along with the personal guarantees of directors. These carry mark-up at the rate 1% above
the State Bank of Pakistan (SBP) rate per annum (June 2023: 1% above SBP rate per annum).
16.5 These represent facilities for running finances available from various banks aggregated to Rs. 14,699.5 million (June
2023: Rs. 9,155 million). These are secured against pari-passu / ranking hypothecation of stocks, book debts and
personal guarantees of directors. These carry mark-up at the rates ranging from 21.61% to 23.91% per annum (June
2023: 14.50% to 22.98% per annum).
28 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

17 ISLAMIC REDEEMABLE SUKUK

During the period, the Holding Company has raised short term financing in the form of privately placed Islamic Redeemable
Sukuk to meet the working capital requirements. This carries mark-up based on 6 months KIBOR plus 50 bps and having
maturity of six months from the date of its drawdown.
18 CONTINGENCIES AND COMMITMENTS
18.1 Contingencies
18.1.1 Except note no. 18.1.2, there are no material changes in the status of contingencies as reported in note no. 28 to the
consolidated financial statements of the Group for the year ended June 30 , 2023.
18.1.2 The Company had filed a Suit S-2535 before the High Court of Sindh and challenged the OGRA notification bearing no.
OGRA-(10)-3(8)/2023 dated November 08, 2023 for increase in the price of natural gas and different prices for industrial and
captive connection where the same is used for self-consumption by industrial undertaking. The Court vide its order dated
December 18, 2023 passed an interim stay order in favour of the Company and suspended the afore-mentioned notification by
allowing to pay monthly gas charges as per previous notification and directed the Company to pay the differential amount by
way of cash in favour of the Nazir of Court. The cumulative differential amount is approximately Rs 259.66/= million
(exclusive of sales tax) which has not been recorded in the statement of financial position.
18.1.3 With reference to the contingency of associated company, The Bank of Khyber (BOK), please refer the note 22 of audited
financial statement for the year ended December 31, 2023 of associated Company.
(Un-audited) (Audited)
March 31, June 30,
2024 2023
18.2 Commitments --------------------Rupees-----------------
18.2.1 Outstanding letter of guarantees 2,966,004,252 3,158,894,750
18.2.2 Cross Corporate guarantees 8,124,037,000 4,838,811,644
18.2.3 Outstanding letters of credit for:
- capital expenditures 162,124,154 1,404,832,375
-. raw material 440,742,960 7,088,433,702
18.2.4 The Holding Company has executed sponsors support agreement with the lenders of M/s. Ismail Resin (Private) Limited for
investment in the form of equity or subordinated debts to cover the cost over-run, or to cover the funding shortfall or any
other obligation that may arise under financing documentations / agreements executed with them.
18.2.5 The Group's share of commitments of associated company is based on latest available financial information.

(Un-audited) (Un-audited)
March 31, # March 31,
2024 2023
19 CASH GENERATED FROM OPERATIONS AFTER WORKING -------------------Rupees----------------
CAPITAL CHANGES
Profit before taxations Note 6,281,801,122 4,858,766,075
Adjustments for non-cash and other items:
Depreciation 2,286,113,480 1,882,361,568
Ammortization charge 1,976,705 2,826,550
Gain on disposal of property, plant and equipment - net (55,154,894) (19,318,451)
Provision for staff gratuity scheme - unfunded 188,046,106 157,939,954
Provision for doubtful debts 50,902,220 -
Provision for slow moving - Stock in trade 24,057,766 123,154,713
Share of profit from associated undertaking (437,867,945) (15,555,899)
Unrealized exchange gain on short term investment (5,075,000)
Unrealized exchange (gain) / loss 18,723,442 (255,971,604)
Finance cost 5,945,842,113 2,673,768,954
Net increase in working capital 19.1 (9,611,895,058) (13,943,924,946)
Cash generated / (used in) from operations after working capital changes 4,687,470,057 (4,535,953,086)
19.1 Working capital changes
Increase in current assets
Stores and spares (213,837,383) (130,015,917)
Stock-in-trade (5,566,990,608) (6,514,954,856)
Trade debts (6,341,277,923) (6,855,214,601)
Loan and advances (2,391,850,592) (1,679,019,504)
Trade deposits and short-term prepayments 195,193,218 (463,106,157)
Other receivables (2,814,279,840) (13,267,448)
(17,133,043,128) (15,655,578,483)
Decrease in current liabilities
Trade and other payables 7,106,695,540 1,618,770,405
Advances from customers - unsecured 414,452,529 92,883,132
7,521,148,070 1,711,653,537
Net increase in working capital (9,611,895,058) (13,943,924,946)
20 SEGMENT INFORMATION
A segment is a distinguishable component of the Group that is engaged in business activities from which the Group earn revenues and incur expenses and its results are regularly reviewed by the Group's chief operating decision maker to make decision about resources to be allocated to the segment and assess its performance. Further, discrete
financial information is available for each segment.
Based on internal management reporting structure and products produced and sold, the Group is organized into the following three operating segments:
- Food Segment
- Plastic Segment
- Pharmaceutical segment
Management monitors the operating results of above mentioned segments separately for the purpose of making decisions about resources to be allocated and of assessing performance.
Segment revenue, segment result, costs, assets and liabilities for the period are as follows:
(Un-audited)
20.1 Three-months Period Ended Nine-months Period Ended
Food Segment Plastic Segment Pharmaceutical segment Total Food Segment Plastic Segment Pharmaceutical segment Total
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
---------------------------------------------------------------------------------------------------------------------------------------------------------------------Rupees---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Sales
Local 15,359,696,917 13,831,200,718 10,145,980,770 3,626,201,176 232,573,600 170,989,448 25,738,251,287 17,628,391,342 45,946,797,220 38,746,366,520 17,968,491,246 11,834,817,599 751,216,864 486,253,439 64,666,505,330 51,067,437,558
Export 8,308,079,192 7,585,201,967 826,412,946 630,632,117 - 51,254,963 9,134,492,138 8,267,089,047 35,648,826,487 20,710,051,473 2,390,352,901 1,187,331,220 137,716,309 129,834,309 38,176,895,697 22,027,217,002
Export rebates 2,137,388 14,129,043 - - - - 2,137,388 14,129,043 13,948,378 21,495,613 - - - - 13,948,378 21,495,613
23,669,913,497 21,430,531,728 10,972,393,716 4,256,833,293 232,573,600 222,244,411 34,874,880,813 25,909,609,432 81,609,572,085 59,477,913,606 20,358,844,147 13,022,148,819 888,933,173 616,087,748 102,857,349,405 73,116,150,173
Less:
Sales return and discounts (707,238,727) (509,545,720) (4,087,548) (8,712,576) (62,085,577) (34,890,100) (773,411,852) (553,148,396) (2,174,371,258) (1,594,961,781) (16,144,502) (29,737,192) (162,964,601) (122,778,730) (2,353,480,361) (1,747,477,703)
Sales tax (1,980,363,955) (1,563,590,867) (1,301,579,085) (554,269,398) - - (3,281,943,040) (2,117,860,265) (5,893,815,757) (4,952,378,729) (2,516,681,882) (1,771,953,961) - - (8,410,497,639) (6,724,332,690)
(2,687,602,682) (2,073,136,587) (1,305,666,633) (562,981,974) (62,085,577) (34,890,100) (4,055,354,892) (2,671,008,661) (8,068,187,015) (6,547,340,510) (2,532,826,384) (1,801,691,153) (162,964,601) (122,778,730) (10,763,978,000) (8,471,810,393)
Net sales 20,982,310,815 19,357,395,141 9,666,727,083 3,693,851,319 170,488,023 187,354,311 30,819,525,921 23,238,600,771 73,541,385,070 52,930,573,096 17,826,017,763 11,220,457,666 725,968,572 493,309,018 92,093,371,405 64,644,339,780
Cost of sales (15,813,721,010) (15,325,148,923) (9,105,743,166) (3,107,361,214) (54,715,157) (157,164,265) (24,974,179,333) (18,589,674,402) (56,535,586,182) (41,630,999,233) (16,178,939,863) (9,366,202,433) (461,759,406) (402,279,495) (73,176,285,451) (51,399,481,161)
Selling and distribution expenses (1,513,501,034) (1,516,036,410) (303,436,123) (136,042,819) (97,391,044) (90,643,165) (1,914,328,201) (1,742,722,394) (5,269,039,385) (4,722,984,767) (710,172,293) (392,976,438) (313,189,285) (222,526,159) (6,292,400,963) (5,338,487,364)
Administrative expenses (302,319,059) (311,259,101) (55,769,759) (96,702,527) (42,397,275) (47,508,281) (400,486,093) (455,469,909) (890,170,855) (718,663,832) (179,146,426) (183,233,642) (139,769,486) (151,994,803) (1,209,086,767) (1,053,892,277)
(17,629,541,103) (17,152,444,434) (9,464,949,048) (3,340,106,560) (194,503,476) (295,315,711) (27,288,993,627) (20,787,866,706) (62,694,796,422) (47,072,647,832) (17,068,258,582) (9,942,412,513) (914,718,177) (776,800,457) (80,677,773,181) (57,791,860,802)
Segment result 3,352,769,712 2,204,950,707 201,778,035 353,744,759 (24,015,453) (107,961,400) 3,530,532,294 2,450,734,066 10,846,588,648 5,857,925,264 757,759,181 1,278,045,153 (188,749,605) (283,491,439) 11,415,598,224 6,852,478,978
Unallocated income and expenses
Other operating income 1,193,006,594 1,294,538,230
Finance cost (5,945,842,113) (2,673,768,954)
Other operating expenses (818,829,528) (630,038,078)
Share of profit from associated undertakings 437,867,945 15,555,899
Profit before taxation 6,281,801,123 4,858,766,075
Income tax expense (1,240,072,990) (819,323,524)
Profit for the period 5,041,728,132 4,039,442,551
(Un-audited) (Audited) (Un-audited) (Audited) (Un-audited) (Audited) (Un-audited) (Audited)
Food Segment Plastic Segment Pharmaceutical Segment Total
March 31, June 30, March 31, June 30, March 31, June 30, March 31, June 30,
2024 2023 2024 2023 2024 2023 2024 2023
Rupees
20.2 Segment assets 52,324,213,865 46,220,297,112 40,959,785,926 25,195,727,356 2,303,927,651 2,181,868,771 95,587,927,442 73,597,893,239
20.3 Unallocated assets - - - - - - 7,602,869,483 6,118,751,612
52,324,213,865 46,220,297,112 40,959,785,926 25,195,727,356 2,303,927,651 2,181,868,771 103,190,796,925 79,716,644,851
20.4 Segment liabilities 30,684,482,910 21,193,509,378 15,344,879,037 11,107,245,978 657,387,378 962,247,635 46,686,749,325 33,263,002,991
20.5 Unallocated liabilities - - - - - - 33,874,806,594 29,066,176,759
30,684,482,910 21,193,509,378 15,344,879,037 11,107,245,978 657,387,378 962,247,635 80,561,555,919 62,329,179,750
ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024
29
30 QUARTERLY REPORT MARCH 31, 2024 ISMAIL INDUSTRIES LIMITED

(Un-audited) (Audited)
March 31, June 30,
2024 2023
20.6 RECONCILIATION OF REPORTABLE SEGMENT -------------------Rupees----------------
ASSETS AND LIABILITIES Note
Assets
Total assets for reportable segments 20.2 95,587,927,442 73,597,893,239
Administrative capital assets 1,838,200,591 1,730,143,202
Good will 12,173,553 12,173,553
Long term investment 8 4,059,184,144 3,225,156,930
Short term investment 1,559,768,917 1,151,277,927
Loan and Advances 123,500,000 -
Other receivable 10,042,278 -
Total assets 103,190,796,925 79,716,644,851
Liabilities
Total liabilities for reportable segments 20.4 46,686,749,325 33,263,002,991
Deferred tax 2,060,687,169 1,777,653,106
Long term finance - secured 13 31,788,562,621 27,288,523,653
Lease liabilities 25,556,804 -
Total liabilities 80,561,555,919 62,329,179,750
(Un-audited) (Un-audited)
March 31, March 31,
2024 2023
21 EARNINGS PER SHARE - Basic and Diluted -------------------Rupees----------------
Basic earnings per share
Profit for the period attributable to Shareholders of Holding Company 5,082,839,362 4,103,609,191
-------------------Number----------------
Weighted average number of ordinary shares as at March 31. 66,356,940 66,356,940
-------------------Rupees----------------
Basic and diluted earnings per share 76.60 61.84
As at March 31, 2024 there is no diluted effect on the basic earnings per share of the Holding Company.
22 TRANSACTIONS AND BALANCES WITH RELATED PARTIES
Details of transactions and balances with related parties during the period, other than those which have been
specifically disclosed elsewhere in the consolidated condensed interim financial statements are as follows:
(Un-audited)
March 31, March 31,
2024 2023
Transactions -------------------Rupees----------------
Plastiflex Films (Private) Limited
Common Directorship
- Purchase of raw and packing materials 20,490,468 49,199,529
- Metallization service (15,011,132) (3,978,621)
- Recovery against sales 12,291,051 3,978,621
- Payment against purchases (11,034,027) (42,599,116)
Innovita Nutrition (Private) Limited
Common Directorship
- Purchase of raw and packing materials 1,088,754,826 -
- Payment against purchases (471,353,926) -
Others
Remuneration to directors and other key
management personnel:
Chief Executive Officer 37,408,480 36,450,000
Directors 24,389,470 23,475,087
Executives 787,914,103 710,248,160
849,712,053 770,173,247
In addition to the above, Group maintained cars are provided to the chief executive officer, directors and
executives.
 ISMAIL INDUSTRIES LIMITED QUARTERLY REPORT MARCH 31, 2024 31

(Un-audited) (Audited)
March 31, June 30,
2024 2023
Balances -------------------Rupees----------------
Plastiflex Films (Private) Limited
-Payable to associate - net 6,736,360 -
Innovita Nutrition (Private) Limited
- (Payable) / Advance to associate (184,993,899) 432,407,000

23 FAIR VALUE MEASUREMENT

The Group’s policies with the regards to fair value measurement are consistent with those disclosed in the annual
financial statements for the year ended June 30, 2023. There is no change in the nature and corresponding
hierarchies of fair value levels of financial instruments from those as disclosed in the audited financial statements of
the Group for the year ended June 30, 2023.
The carrying values of financial assets and liabilities are approximate at their fair values. The table below analyzes
financial assets that are measured at fair value, by valuation method.
The different levels have been defined as follows:
- Level 1 : Quoted prices in active markets for identical assets and liabilities;
- Level 2 : Observable inputs; and
- Level 3 : Unobservable inputs
The Group held the following financial assets at fair value;
March 31, 2024
June 30, 2023
(Level 1) (Level 2) (Level 3) Total

-------------------------------Rupees-------------------------------

Investment in associated undertaking 3,211,054,670 - - 3,211,054,670 3,633,987,206

Short term investment 932,385,000 - - 932,385,000 834,465,000

4,143,439,670 - - 4,143,439,670 4,468,452,206

24 FINANCIAL RISK MANAGEMENT

The Group's financial risk management objectives and policies are consistent with those disclosed in the
consolidated financial statements for the year ended June 30, 2023.
25 DATE OF AUTHORIZATION FOR ISSUE
These consolidated condensed interim financial statements were authorized for issue on April 24, 2024 by the Board
of Directors of the Group.

Munsarim Saifullah Maqsood Ismail Ahmed Ahmed Raza Parekh

Chief Executive Officer Director Chief Financial Officer