March 31, 2005

March 31, 2004

Rupees

Rupees

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation

129,959,095

114,515,275

Adjustment for non cash and other items:

Depreciation on fixed assets

2,880,317

2,532,084

Provision for losses on term finances / credit facilities

19,600,000

27,000,000

Amortisation of deferred costs

472,232

1,062,499

(Gain) / loss on sale of fixed assets

(260,292)

151,875

22,692,257

30,746,458

Long-term security deposits

(951,500)

(475,000)

Cash flows from operating activities
  before working capital changes

151,699,852

144,786,733

Effect on cash flows due to working capital changes

345,880,596

68,241,510

Income tax paid

(55,839,868)

(38,747,219)

Net cash inflow from operating activities

441,740,580

174,281,024

CASH FLOW FROM INVESTING ACTIVITIES

Capital expenditure

(10,103,491)

(46,384,987)

Long-term loans and term finances

(38,669,849)

109,029,398

Sale proceeds from disposal of fixed assets

960,000

123,066

Net cash (outflow) / inflow from investing activities

(47,813,340)

62,767,477

CASH FLOW FROM FINANCING ACTIVITIES

Certificates of deposit - net

(3,415,000)

(86,950,000)

Long-term loans

222,489,246

6,967,308

Dividend paid

(29,932,177)

(59,509,162)

Net cash inflow / (outflow) from financing activities

189,142,069

(139,491,854)

Net increase in cash and cash equivalents

583,069,309

97,556,647

Cash and cash equivalents of the beginning of the period

194,292,199

91,456,620

Cash and cash equivalents at the end of the period

777,361,508

189,013,267