Last close · 16 Oct 2026
Rs 24.45 +9.99%
Quarterly · Q1 FY2022 – Q4 FY2026
Metropolitan Steel Corporation Limited (MSCL) quarterly balance sheet
At the end of Q4 FY2026 (Apr – Jun 2026) Metropolitan Steel Corporation Limited had total assets of Rs 895.5 mn, down 1.9% on Q4 FY2025. Current assets of Rs 101.7 mn covered current liabilities of Rs 33.5 mn 3.04 times. Total debt was Rs 21.4 mn, leaving net cash of Rs 5.3 mn. Shareholders' equity was Rs 826.2 mn (Rs 26.67 per share), 92.3% of total assets.
| Rs mn | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | Q4 FY2024 Apr – Jun 2024 | Q3 FY2024 Jan – Mar 2024 | Q2 FY2024 Oct – Dec 2023 | Q1 FY2024 Jul – Sep 2023 | Q4 FY2023 Apr – Jun 2023 | Q3 FY2023 Jan – Mar 2023 | Q2 FY2023 Oct – Dec 2022 | Q1 FY2023 Jul – Sep 2022 | Q4 FY2022 Apr – Jun 2022 | Q3 FY2022 Jan – Mar 2022 | Q2 FY2022 Oct – Dec 2021 | Q1 FY2022 Jul – Sep 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||||||||||
| Cash & short-term investments | 26.7 | 27.2 | 18.2 | 21.5 | 31.0 | 19.4 | 36.5 | — | 16.4 | 25.4 | 14.5 | 33.3 | 21.8 | 12.3 | 11.7 | 13.1 | 13.1 | 10.6 | 13.4 | 10.1 |
| Trade receivables | 30.1 | 33.3 | 32.7 | 28.1 | 26.6 | 26.8 | 36.0 | — | 28.2 | 50.4 | 43.1 | 33.9 | 29.3 | 27.2 | 39.7 | 47.4 | 50.0 | 55.6 | 48.6 | 52.2 |
| Inventories | 26.7 | 20.3 | 15.8 | 33.1 | 26.4 | 18.7 | 16.0 | — | 61.8 | 65.5 | 62.9 | 65.4 | 73.1 | 82.8 | 86.3 | 67.1 | 52.7 | 54.9 | 35.9 | 55.8 |
| Other current assets | — | — | — | — | — | — | — | — | 0.0 | 0.0 | 17.0 | 0.0 | 22.9 | 29.7 | 20.0 | 15.1 | 13.0 | 20.3 | 36.6 | 13.0 |
| Total current assets | 101.7 | 101.5 | 97.5 | 99.5 | 102.4 | 106.3 | 107.8 | — | 120.7 | 154.3 | 150.1 | 139.9 | 159.0 | 166.4 | 170.7 | 155.4 | 139.0 | 235.0 | 225.3 | 222.1 |
| Property, plant & equipment | 790.6 | 794.6 | 798.7 | 802.7 | 806.7 | 755.1 | 759.9 | — | 766.2 | 757.5 | 760.9 | 764.5 | 767.8 | 771.3 | 775.1 | 778.7 | 782.3 | 787.8 | 790.0 | 793.2 |
| Long-term investments | 0.0 | 0.0 | 0.0 | 0.7 | 0.7 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other non-current assets | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | — | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 |
| Total non-current assets | 793.8 | 797.8 | 801.9 | 806.6 | 810.6 | 758.3 | 763.1 | — | 769.4 | 760.7 | 764.1 | 767.7 | 771.0 | 774.5 | 778.3 | 781.9 | 785.5 | 791.0 | 793.2 | 796.4 |
| Total assets | 895.5 | 899.4 | 899.4 | 906.1 | 913.0 | 864.5 | 870.9 | — | 890.1 | 915.0 | 914.2 | 907.6 | 930.0 | 940.9 | 949.0 | 937.3 | 924.5 | 1,026.0 | 1,018.5 | 1,018.5 |
| Liabilities | ||||||||||||||||||||
| Trade payables | 7.1 | 1.7 | 3.8 | 3.2 | 3.4 | 17.0 | 20.2 | — | 17.7 | 17.1 | 17.9 | 11.7 | 35.5 | 30.3 | 37.2 | 15.8 | 15.2 | 21.4 | 17.9 | 12.8 |
| Short-term borrowings & current portion of debt | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.3 | — | 24.8 | 21.2 | 21.2 | 24.7 | 21.6 | 25.9 | 21.6 | 34.2 | 21.3 | 32.0 | 28.5 | 31.7 |
| Total current liabilities | 33.5 | 28.1 | 30.2 | 29.6 | 29.8 | 43.4 | 46.6 | — | 47.5 | 43.4 | 44.1 | 41.4 | 62.1 | 61.2 | 63.8 | 55.0 | 41.6 | 58.4 | 51.4 | 49.5 |
| Other non-current liabilities | — | — | — | — | — | — | — | — | — | — | (0.0) | — | — | 0.0 | — | — | — | — | — | — |
| Total non-current liabilities | 35.9 | 36.5 | 37.1 | 37.9 | 38.3 | 26.4 | 26.9 | — | 27.8 | 28.3 | 28.8 | 29.3 | 29.8 | 31.3 | 30.8 | 31.3 | 31.8 | 32.4 | 32.9 | 33.5 |
| Total liabilities | 69.4 | 64.6 | 67.3 | 67.5 | 68.1 | 69.9 | 73.5 | — | 75.3 | 71.7 | 72.9 | 70.7 | 91.9 | 92.5 | 94.6 | 86.3 | 73.4 | 90.8 | 84.3 | 83.0 |
| Equity | ||||||||||||||||||||
| Share capital | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | — | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 |
| Reserves & retained earnings | 516.4 | 525.0 | 522.3 | 528.8 | 535.1 | 484.9 | 487.6 | — | 505.0 | 533.5 | 531.6 | 527.1 | 528.3 | 538.6 | 544.6 | 541.2 | 541.3 | 625.5 | 624.4 | 625.7 |
| Equity attributable to shareholders | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 | 838.1 | 848.4 | 854.4 | 850.9 | 851.1 | 935.2 | 934.2 | 935.5 |
| Non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total equity | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 | 838.1 | 848.4 | 854.4 | 850.9 | 851.1 | 935.2 | 934.2 | 935.5 |
| Total liabilities & equity | 895.5 | 899.4 | 899.4 | 906.1 | 913.0 | 864.5 | 870.9 | — | 890.1 | 915.0 | 914.2 | 907.6 | 930.0 | 940.9 | 949.0 | 937.3 | 924.5 | 1,026.0 | 1,018.5 | 1,018.5 |
| Key figures | ||||||||||||||||||||
| Total debt | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.3 | — | 24.8 | 21.2 | 21.2 | 24.7 | 21.6 | 25.9 | 21.6 | 34.2 | 21.3 | 32.0 | 28.5 | 31.7 |
| Net debt / (net cash) | (5.3) | (5.8) | 3.2 | (0.1) | (9.6) | 2.0 | (15.2) | — | 8.4 | (4.2) | 6.7 | (8.5) | (0.1) | 13.6 | 9.9 | 21.1 | 8.2 | 21.4 | 15.1 | 21.7 |
| Shares outstanding mn | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | — | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 |
| Common equity | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 | 838.1 | 848.4 | 854.4 | 850.9 | 851.1 | 935.2 | 934.2 | 935.5 |
| Book value per share (Rs) Rs | 26.67 | 26.95 | 26.86 | 27.07 | 27.27 | 25.65 | 25.74 | — | 26.30 | 27.22 | 27.16 | 27.02 | 27.05 | 27.39 | 27.58 | 27.47 | 27.47 | 30.19 | 30.16 | 30.20 |
| Rs mn | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | Q4 FY2024 Apr – Jun 2024 | Q3 FY2024 Jan – Mar 2024 | Q2 FY2024 Oct – Dec 2023 | Q1 FY2024 Jul – Sep 2023 | Q4 FY2023 Apr – Jun 2023 | Q3 FY2023 Jan – Mar 2023 | Q2 FY2023 Oct – Dec 2022 | Q1 FY2023 Jul – Sep 2022 | Q4 FY2022 Apr – Jun 2022 | Q3 FY2022 Jan – Mar 2022 | Q2 FY2022 Oct – Dec 2021 | Q1 FY2022 Jul – Sep 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||||||||||
| Cash & short-term investments | -13.9% | +40.4% | -50.0% | — | +88.7% | -23.7% | +151.4% | — | -24.5% | +107.0% | +24.4% | +153.5% | +65.6% | +15.8% | -13.0% | +30.4% | +51.1% | +21.8% | +28.6% | -40.5% |
| Trade receivables | +13.5% | +24.3% | -9.1% | — | -5.9% | -46.8% | -16.4% | — | -3.8% | +85.5% | +8.5% | -28.5% | -41.3% | -51.1% | -18.3% | -9.2% | +4.0% | -4.9% | +7.7% | +14.9% |
| Inventories | +1.2% | +8.3% | -1.6% | — | -57.3% | -71.4% | -74.5% | — | -15.4% | -20.9% | -27.1% | -2.4% | +38.7% | +50.9% | +140.3% | +20.3% | -2.7% | +82.9% | +28.4% | +118.5% |
| Other current assets | — | — | — | — | — | — | — | — | -100.0% | -100.0% | -14.8% | -100.0% | +76.2% | +46.5% | -45.4% | +16.5% | -35.7% | +53.8% | +3.1% | -41.5% |
| Total current assets | -0.7% | -4.5% | -9.5% | — | -15.2% | -31.1% | -28.2% | — | -24.1% | -7.3% | -12.1% | -10.0% | +14.4% | -29.2% | -24.2% | -30.0% | -37.5% | +17.0% | +7.6% | +10.3% |
| Property, plant & equipment | -2.0% | +5.2% | +5.1% | — | +5.3% | -0.3% | -0.1% | — | -0.2% | -1.8% | -1.8% | -1.8% | -1.9% | -2.1% | -1.9% | -1.8% | -1.8% | +37.8% | +37.4% | +34.6% |
| Long-term investments | -100.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other non-current assets | 0.0% | 0.0% | 0.0% | — | 0.0% | -0.1% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | +0.1% | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | +0.0% |
| Total non-current assets | -2.1% | +5.2% | +5.1% | — | +5.4% | -0.3% | -0.1% | — | -0.2% | -1.8% | -1.8% | -1.8% | -1.8% | -2.1% | -1.9% | -1.8% | -1.7% | +37.5% | +37.2% | +34.4% |
| Total assets | -1.9% | +4.0% | +3.3% | — | +2.6% | -5.5% | -4.7% | — | -4.3% | -2.8% | -3.7% | -3.2% | +0.6% | -8.3% | -6.8% | -8.0% | -9.5% | +32.2% | +29.3% | +28.3% |
| Liabilities | ||||||||||||||||||||
| Trade payables | +109.3% | -90.2% | -81.2% | — | -80.9% | -0.6% | +13.1% | — | -50.2% | -43.5% | -52.0% | -26.3% | +133.3% | +41.6% | +108.2% | +23.9% | -24.7% | +79.6% | -0.9% | -34.7% |
| Short-term borrowings & current portion of debt | 0.0% | 0.0% | +0.5% | — | -13.8% | +0.8% | +0.3% | — | +14.7% | -17.9% | -1.7% | -27.7% | +1.4% | -19.1% | -24.3% | +7.8% | -32.8% | +4.5% | -6.8% | +3.8% |
| Total current liabilities | +12.4% | -35.4% | -35.2% | — | -37.3% | +0.1% | +5.7% | — | -23.5% | -29.1% | -30.9% | -24.8% | +49.5% | +4.8% | +24.1% | +11.1% | -27.0% | +22.9% | -4.2% | -10.2% |
| Other non-current liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total non-current liabilities | -6.2% | +38.1% | +38.0% | — | +37.7% | -6.6% | -6.6% | — | -6.5% | -9.6% | -6.5% | -6.5% | -6.4% | -3.2% | -6.4% | -6.5% | -6.3% | +7.4% | +8.4% | +9.5% |
| Total liabilities | +1.9% | -7.6% | -8.4% | — | -9.6% | -2.5% | +0.8% | — | -18.0% | -22.5% | -22.9% | -18.1% | +25.2% | +1.9% | +12.2% | +4.0% | -19.3% | +16.9% | +0.4% | -3.2% |
| Equity | ||||||||||||||||||||
| Share capital | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserves & retained earnings | -3.5% | +8.3% | +7.1% | — | +6.0% | -9.1% | -8.3% | — | -4.4% | -0.9% | -2.4% | -2.6% | -2.4% | -13.9% | -12.8% | -13.5% | -12.9% | +61.0% | +58.5% | +57.1% |
| Equity attributable to shareholders | -2.2% | +5.0% | +4.3% | — | +3.7% | -5.8% | -5.2% | — | -2.8% | -0.6% | -1.5% | -1.7% | -1.5% | -9.3% | -8.5% | -9.0% | -8.6% | +33.9% | +32.8% | +32.1% |
| Non-controlling interest | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total equity | -2.2% | +5.0% | +4.3% | — | +3.7% | -5.8% | -5.2% | — | -2.8% | -0.6% | -1.5% | -1.7% | -1.5% | -9.3% | -8.5% | -9.0% | -8.6% | +33.9% | +32.8% | +32.1% |
| Total liabilities & equity | -1.9% | +4.0% | +3.3% | — | +2.6% | -5.5% | -4.7% | — | -4.3% | -2.8% | -3.7% | -3.2% | +0.6% | -8.3% | -6.8% | -8.0% | -9.5% | +32.2% | +29.3% | +28.3% |
| Key figures | ||||||||||||||||||||
| Total debt | 0.0% | 0.0% | +0.5% | — | -13.8% | +0.8% | +0.3% | — | +14.7% | -17.9% | -1.7% | -27.7% | +1.4% | -19.1% | -24.3% | +7.8% | -32.8% | +4.5% | -6.8% | +3.8% |
| Net debt / (net cash) | — | -387.4% | — | — | -215.2% | — | -326.4% | — | — | -130.7% | -32.4% | -140.5% | -101.6% | -36.4% | -34.3% | -2.7% | -64.5% | -2.4% | -25.1% | +58.5% |
| Shares outstanding | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Common equity | -2.2% | +5.0% | +4.3% | — | +3.7% | -5.8% | -5.2% | — | -2.8% | -0.6% | -1.5% | -1.7% | -1.5% | -9.3% | -8.5% | -9.0% | -8.6% | +33.9% | +32.8% | +32.1% |
| Book value per share (Rs) | -2.2% | +5.0% | +4.3% | — | +3.7% | -5.8% | -5.2% | — | -2.8% | -0.6% | -1.5% | -1.7% | -1.5% | -9.3% | -8.5% | -9.0% | -8.6% | +33.9% | +32.8% | +32.1% |
Change against the same quarter a year earlier; shown when the earlier figure is positive.
| Rs mn | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | Q4 FY2024 Apr – Jun 2024 | Q3 FY2024 Jan – Mar 2024 | Q2 FY2024 Oct – Dec 2023 | Q1 FY2024 Jul – Sep 2023 | Q4 FY2023 Apr – Jun 2023 | Q3 FY2023 Jan – Mar 2023 | Q2 FY2023 Oct – Dec 2022 | Q1 FY2023 Jul – Sep 2022 | Q4 FY2022 Apr – Jun 2022 | Q3 FY2022 Jan – Mar 2022 | Q2 FY2022 Oct – Dec 2021 | Q1 FY2022 Jul – Sep 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||||||||||
| Cash & short-term investments | 3.0% | 3.0% | 2.0% | 2.4% | 3.4% | 2.2% | 4.2% | — | 1.8% | 2.8% | 1.6% | 3.7% | 2.3% | 1.3% | 1.2% | 1.4% | 1.4% | 1.0% | 1.3% | 1.0% |
| Trade receivables | 3.4% | 3.7% | 3.6% | 3.1% | 2.9% | 3.1% | 4.1% | — | 3.2% | 5.5% | 4.7% | 3.7% | 3.2% | 2.9% | 4.2% | 5.1% | 5.4% | 5.4% | 4.8% | 5.1% |
| Inventories | 3.0% | 2.3% | 1.8% | 3.7% | 2.9% | 2.2% | 1.8% | — | 6.9% | 7.2% | 6.9% | 7.2% | 7.9% | 8.8% | 9.1% | 7.2% | 5.7% | 5.3% | 3.5% | 5.5% |
| Other current assets | — | — | — | — | — | — | — | — | 0.0% | 0.0% | 1.9% | 0.0% | 2.5% | 3.2% | 2.1% | 1.6% | 1.4% | 2.0% | 3.6% | 1.3% |
| Total current assets | 11.4% | 11.3% | 10.8% | 11.0% | 11.2% | 12.3% | 12.4% | — | 13.6% | 16.9% | 16.4% | 15.4% | 17.1% | 17.7% | 18.0% | 16.6% | 15.0% | 22.9% | 22.1% | 21.8% |
| Property, plant & equipment | 88.3% | 88.4% | 88.8% | 88.6% | 88.4% | 87.3% | 87.3% | — | 86.1% | 82.8% | 83.2% | 84.2% | 82.6% | 82.0% | 81.7% | 83.1% | 84.6% | 76.8% | 77.6% | 77.9% |
| Long-term investments | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other non-current assets | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | — | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| Total non-current assets | 88.6% | 88.7% | 89.2% | 89.0% | 88.8% | 87.7% | 87.6% | — | 86.4% | 83.1% | 83.6% | 84.6% | 82.9% | 82.3% | 82.0% | 83.4% | 85.0% | 77.1% | 77.9% | 78.2% |
| Total assets | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Liabilities | ||||||||||||||||||||
| Trade payables | 0.8% | 0.2% | 0.4% | 0.4% | 0.4% | 2.0% | 2.3% | — | 2.0% | 1.9% | 2.0% | 1.3% | 3.8% | 3.2% | 3.9% | 1.7% | 1.6% | 2.1% | 1.8% | 1.3% |
| Short-term borrowings & current portion of debt | 2.4% | 2.4% | 2.4% | 2.4% | 2.3% | 2.5% | 2.4% | — | 2.8% | 2.3% | 2.3% | 2.7% | 2.3% | 2.7% | 2.3% | 3.7% | 2.3% | 3.1% | 2.8% | 3.1% |
| Total current liabilities | 3.7% | 3.1% | 3.4% | 3.3% | 3.3% | 5.0% | 5.4% | — | 5.3% | 4.7% | 4.8% | 4.6% | 6.7% | 6.5% | 6.7% | 5.9% | 4.5% | 5.7% | 5.0% | 4.9% |
| Other non-current liabilities | — | — | — | — | — | — | — | — | — | — | (0.0%) | — | — | 0.0% | — | — | — | — | — | — |
| Total non-current liabilities | 4.0% | 4.1% | 4.1% | 4.2% | 4.2% | 3.1% | 3.1% | — | 3.1% | 3.1% | 3.1% | 3.2% | 3.2% | 3.3% | 3.2% | 3.3% | 3.4% | 3.2% | 3.2% | 3.3% |
| Total liabilities | 7.7% | 7.2% | 7.5% | 7.4% | 7.5% | 8.1% | 8.4% | — | 8.5% | 7.8% | 8.0% | 7.8% | 9.9% | 9.8% | 10.0% | 9.2% | 7.9% | 8.8% | 8.3% | 8.2% |
| Equity | ||||||||||||||||||||
| Share capital | 34.6% | 34.4% | 34.4% | 34.2% | 33.9% | 35.8% | 35.6% | — | 34.8% | 33.9% | 33.9% | 34.1% | 33.3% | 32.9% | 32.6% | 33.1% | 33.5% | 30.2% | 30.4% | 30.4% |
| Reserves & retained earnings | 57.7% | 58.4% | 58.1% | 58.4% | 58.6% | 56.1% | 56.0% | — | 56.7% | 58.3% | 58.1% | 58.1% | 56.8% | 57.2% | 57.4% | 57.7% | 58.6% | 61.0% | 61.3% | 61.4% |
| Equity attributable to shareholders | 92.3% | 92.8% | 92.5% | 92.6% | 92.5% | 91.9% | 91.6% | — | 91.5% | 92.2% | 92.0% | 92.2% | 90.1% | 90.2% | 90.0% | 90.8% | 92.1% | 91.2% | 91.7% | 91.8% |
| Non-controlling interest | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total equity | 92.3% | 92.8% | 92.5% | 92.6% | 92.5% | 91.9% | 91.6% | — | 91.5% | 92.2% | 92.0% | 92.2% | 90.1% | 90.2% | 90.0% | 90.8% | 92.1% | 91.2% | 91.7% | 91.8% |
| Total liabilities & equity | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Key figures | ||||||||||||||||||||
| Total debt | 2.4% | 2.4% | 2.4% | 2.4% | 2.3% | 2.5% | 2.4% | — | 2.8% | 2.3% | 2.3% | 2.7% | 2.3% | 2.7% | 2.3% | 3.7% | 2.3% | 3.1% | 2.8% | 3.1% |
| Net debt / (net cash) | (0.6%) | (0.6%) | 0.4% | (0.0%) | (1.1%) | 0.2% | (1.7%) | — | 0.9% | (0.5%) | 0.7% | (0.9%) | (0.0%) | 1.4% | 1.0% | 2.3% | 0.9% | 2.1% | 1.5% | 2.1% |
| Common equity | 92.3% | 92.8% | 92.5% | 92.6% | 92.5% | 91.9% | 91.6% | — | 91.5% | 92.2% | 92.0% | 92.2% | 90.1% | 90.2% | 90.0% | 90.8% | 92.1% | 91.2% | 91.7% | 91.8% |
Each line as a percentage of total assets.
Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. Updated 16 Oct 2026.
All reported line items 108
| Rs mn | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | Q4 FY2024 Apr – Jun 2024 | Q3 FY2024 Jan – Mar 2024 | Q2 FY2024 Oct – Dec 2023 | Q1 FY2024 Jul – Sep 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Cash Equivalents | 2.2 | 3.4 | 10.2 | 13.5 | 8.0 | 10.7 | 1.3 | — | 3.4 | 0.1 | 6.5 | 7.3 |
| Cash & Short Term Investments | 26.7 | 27.2 | 18.2 | 21.5 | 31.0 | 19.4 | 36.5 | — | 16.4 | 25.4 | 14.5 | 33.3 |
| Short-Term Investments - Total | 24.5 | 23.8 | 8.0 | 8.0 | 23.0 | 8.7 | 35.2 | — | 13.0 | 25.2 | 8.0 | 26.0 |
| Loans & Receivables - Net - Short-Term | 48.3 | 54.0 | 63.5 | 45.0 | 45.0 | 68.2 | 55.3 | — | 42.4 | 63.4 | 55.6 | 41.2 |
| Loans & Receivables - Total | 48.3 | 54.0 | 63.5 | 45.0 | 45.0 | 68.2 | 55.3 | — | 42.4 | 63.4 | 55.6 | 41.2 |
| Trade Accounts & Trade Notes Receivable - Net | 30.1 | 33.3 | 32.7 | 28.1 | 26.6 | 26.8 | 36.0 | — | 28.2 | 50.4 | 43.1 | 33.9 |
| Loans - Short-Term | 0.2 | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.1 | — | 0.2 | 0.0 | 0.1 | 0.0 |
| Income Tax - Receivables - Short-Term | 17.6 | 19.9 | 16.3 | 16.7 | 17.8 | 15.4 | 14.4 | — | 13.8 | 12.7 | 12.2 | 7.0 |
| Receivables - Other - Total | 0.4 | 0.7 | 14.4 | 0.1 | 0.3 | 25.8 | 4.7 | — | 0.2 | 0.3 | 0.2 | 0.3 |
| Inventories - Total | 26.7 | 20.3 | 15.8 | 33.1 | 26.4 | 18.7 | 16.0 | — | 61.8 | 65.5 | 62.9 | 65.4 |
| Inventories - Raw Materials | 11.3 | 11.6 | 11.6 | 11.9 | 11.9 | 13.0 | 13.0 | — | 13.0 | 13.0 | 13.0 | 13.0 |
| Inventories - Finished Goods | 15.4 | 8.7 | 4.2 | 21.1 | 14.5 | 5.7 | 3.0 | — | 48.8 | 52.5 | 49.9 | 52.4 |
| Investments - Total | 24.5 | 23.8 | 8.0 | 8.7 | 23.7 | 8.7 | 35.2 | — | 13.0 | 25.2 | 8.0 | 26.0 |
| Other Current Assets - Total | — | — | — | — | — | — | — | — | 0.0 | 0.0 | 17.0 | 0.0 |
| Property, Plant & Equipment - Net - Total | 790.6 | 794.6 | 798.7 | 802.7 | 806.7 | 755.1 | 759.9 | — | 766.2 | 757.5 | 760.9 | 764.5 |
| Other Current Assets | — | — | — | — | — | — | — | — | 0.0 | 0.0 | 17.0 | 0.0 |
| Other Assets - Total | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | — | 3.2 | 3.2 | 20.2 | 3.2 |
| Total Current Assets | 101.7 | 101.5 | 97.5 | 99.5 | 102.4 | 106.3 | 107.8 | — | 120.7 | 154.3 | 150.1 | 139.9 |
| Investments - Long-Term | 0.0 | 0.0 | 0.0 | 0.7 | 0.7 | — | — | — | — | — | — | — |
| Investments - Available for Sale/Held to Maturity - Long-Term | 0.0 | 0.0 | 0.0 | 0.7 | 0.7 | — | — | — | — | — | — | — |
| Property, Plant & Equipment - excluding Assets Leased Out - Net - Total | — | — | 798.7 | — | — | 755.1 | 759.9 | — | 766.2 | 757.5 | 760.9 | 764.5 |
| Right of Use Tangible Assets - Total - Net | — | — | 0.1 | — | — | 0.1 | 0.1 | — | 0.1 | 0.1 | 0.1 | 0.1 |
| Right of Use Tangible Assets - Capital/Finance Lease - Net | — | — | 0.1 | — | — | 0.1 | 0.1 | — | 0.1 | 0.1 | 0.1 | 0.1 |
| Property, Plant & Equipment - Other - Net | — | — | 798.6 | — | — | 755.0 | 759.8 | — | 766.0 | 757.4 | 760.8 | 764.4 |
| Total Assets | 895.5 | 899.4 | 899.4 | 906.1 | 913.0 | 864.5 | 870.9 | — | 890.1 | 915.0 | 914.2 | 907.6 |
| Debt - Total | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.3 | — | 24.8 | 21.2 | 21.2 | 24.7 |
| Short-Term Debt & Current Portion of Long-Term Debt | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.3 | — | 24.8 | 21.2 | 21.2 | 24.7 |
| Current Portion of Long-Term Debt including Capitalized Leases | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 | 21.1 | — | 21.2 | 21.2 | 21.2 | 21.2 |
| Capitalized Leases - Current Portion | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 | 21.1 | — | 21.2 | 21.2 | 21.2 | 21.2 |
| Short-Term Debt & Notes Payable | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | — | 3.6 | 0.0 | 0.0 | 3.5 |
| Other Non-Current Assets - Total | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | — | 3.2 | 3.2 | 3.2 | 3.2 |
| Dividends Payable | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.4 | — | 1.3 | 1.3 | 1.3 | 1.3 |
| Deferred Tax & Investment Tax Credits - Long-Term | 35.9 | 36.5 | 37.1 | 37.9 | 38.3 | 26.4 | 26.9 | — | 27.8 | 28.3 | 28.8 | 29.3 |
| Deferred Tax - Liability - Long-Term | 35.9 | 36.5 | 37.1 | 37.9 | 38.3 | 26.4 | 26.9 | — | 27.8 | 28.3 | 28.8 | 29.3 |
| Payables & Accrued Expenses | 10.8 | 5.4 | 7.5 | 6.9 | 7.1 | 20.8 | 23.9 | — | 21.4 | 20.9 | 21.6 | 15.4 |
| Trade Account Payables - Total | 7.1 | 1.7 | 3.8 | 3.2 | 3.4 | 17.0 | 20.2 | — | 17.7 | 17.1 | 17.9 | 11.7 |
| Other Non-Current Assets | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | — | 3.2 | 3.2 | 3.2 | 3.2 |
| Accrued Expenses | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | — | 3.7 | 3.7 | 3.7 | 3.7 |
| Total Liabilities | 69.4 | 64.6 | 67.3 | 67.5 | 68.1 | 69.9 | 73.5 | — | 75.3 | 71.7 | 72.9 | 70.7 |
| Shareholders' Equity - Attributable to Parent Shareholders - Total | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 |
| Total Non-Current Assets | 793.8 | 797.8 | 801.9 | 806.6 | 810.6 | 758.3 | 763.1 | — | 769.4 | 760.7 | 764.1 | 767.7 |
| Common Equity Attributable to Parent Shareholders | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 |
| Common Equity - Contributed | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | — | 309.8 | 309.8 | 309.8 | 309.8 |
| Common Stock - Issued & Paid | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | 309.8 | — | 309.8 | 309.8 | 309.8 | 309.8 |
| Equity - Non-Contributed - Reserves & Retained Earnings | 516.4 | 525.0 | 522.3 | 528.8 | 535.1 | 484.9 | 487.6 | — | 505.0 | 533.5 | 531.6 | 527.1 |
| Retained Earnings - Total | (126.3) | (119.2) | (123.4) | (118.7) | (113.4) | (122.2) | (120.6) | — | (105.5) | (78.2) | (81.3) | (86.9) |
| Trade Accounts Payable & Accruals - Short-Term | 10.8 | 5.4 | 7.5 | 6.9 | 7.1 | 20.8 | 23.9 | — | 21.4 | 20.9 | 21.6 | 15.4 |
| Comprehensive Income - Accumulated - Total | 562.2 | 563.7 | 565.1 | 567.0 | 568.0 | 526.6 | 527.7 | — | 530.0 | 531.2 | 532.4 | 533.5 |
| Trade Accounts & Trade Notes Payable - Short-Term | 7.1 | 1.7 | 3.8 | 3.2 | 3.4 | 17.0 | 20.2 | — | 17.7 | 17.1 | 17.9 | 11.7 |
| Accrued Expenses - Short-Term | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | — | 3.7 | 3.7 | 3.7 | 3.7 |
| Other Reserves/Equity - Total | 80.5 | 80.5 | 80.5 | 80.5 | 80.5 | 80.5 | 80.5 | — | 80.5 | 80.5 | 80.5 | 80.5 |
| Dividends/Distributions Payable | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.4 | — | 1.3 | 1.3 | 1.3 | 1.3 |
| Common Equity - Total | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 |
| Total Shareholders' Equity - including Minority Interest & Hybrid Debt | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 |
| Total Liabilities & Equity | 895.5 | 899.4 | 899.4 | 906.1 | 913.0 | 864.5 | 870.9 | — | 890.1 | 915.0 | 914.2 | 907.6 |
| Revaluation Reserves | 562.2 | 563.7 | 565.1 | 567.0 | 568.0 | 526.6 | 527.7 | — | 530.0 | 531.2 | 532.4 | 533.5 |
| Total Current Liabilities | 33.5 | 28.1 | 30.2 | 29.6 | 29.8 | 43.4 | 46.6 | — | 47.5 | 43.4 | 44.1 | 41.4 |
| Other Non-Current Liabilities - Total | — | — | — | — | — | — | — | — | — | — | (0.0) | — |
| Other Non-Current Liabilities | — | — | — | — | — | — | — | — | — | — | (0.0) | — |
| Total Non-Current Liabilities | 35.9 | 36.5 | 37.1 | 37.9 | 38.3 | 26.4 | 26.9 | — | 27.8 | 28.3 | 28.8 | 29.3 |
| Common Shares - Issued - Total mn | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | — | 31.0 | 31.0 | 31.0 | 31.0 |
| Common Shares - Outstanding - Total mn | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | — | 31.0 | 31.0 | 31.0 | 31.0 |
| Common Shares - Treasury - Total mn | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Common Shares - Authorized - Issue Specific mn | 50.0 | 50.0 | 50.0 | — | 50.0 | 50.0 | 50.0 | — | 50.0 | 50.0 | 50.0 | 50.0 |
| Common Shares - Issued - Issue Specific mn | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | — | 31.0 | 31.0 | 31.0 | 31.0 |
| Common Shares - Outstanding - Issue Specific mn | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | 31.0 | — | 31.0 | 31.0 | 31.0 | 31.0 |
| Common Shares - Treasury - Issue Specific mn | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Asset Allocation Factor - Issue Specific | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× | — | 1.00× | 1.00× | 1.00× | 1.00× |
| Right of Use Tangible Assets - Total - Net - Supplemental | — | — | 0.1 | — | — | 0.1 | 0.1 | — | 0.1 | 0.1 | 0.1 | 0.1 |
| Right of Use Tangible Assets - Capital/Finance Lease - Net - Supplemental | — | — | 0.1 | — | — | 0.1 | 0.1 | — | 0.1 | 0.1 | 0.1 | 0.1 |
| Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Net - Supplemental | — | — | 798.6 | — | — | 755.0 | 759.8 | — | 766.0 | 757.4 | 760.8 | 764.4 |
| Finance and Operating Lease Liabilities - Total - Supplemental | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 | 21.1 | — | 21.2 | 21.2 | 21.2 | 21.2 |
| Debt including Finance and Operating Lease Liabilities - Supplemental | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.3 | — | 24.8 | 21.2 | 21.2 | 24.7 |
| Net Debt | (5.3) | (5.8) | 3.2 | (0.1) | (9.6) | 2.0 | (15.2) | — | 8.4 | (4.2) | 6.7 | (8.5) |
| Asset Accruals | 893.3 | 896.0 | 889.1 | 892.6 | 904.9 | 853.9 | 869.6 | — | 886.6 | 914.9 | 907.7 | 900.3 |
| Cash & Cash Equivalents - Total | 2.2 | 3.4 | 10.2 | 13.5 | 8.0 | 10.7 | 1.3 | — | 3.4 | 0.1 | 6.5 | 7.3 |
| Cash & Short Term Investments - Total | 26.7 | 27.2 | 18.2 | 21.5 | 31.0 | 19.4 | 36.5 | — | 16.4 | 25.4 | 14.5 | 33.3 |
| Debt - including Preferred Equity & Minority Interest - Total | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.3 | — | 24.8 | 21.2 | 21.2 | 24.7 |
| Investments - Permanent | 0.0 | 0.0 | 0.0 | 0.7 | 0.7 | — | — | — | — | — | — | — |
| Net Book Capital | 820.8 | 829.0 | 835.2 | 838.5 | 835.2 | 796.7 | 782.2 | — | 823.1 | 839.1 | 848.1 | 828.4 |
| Net Operating Assets | 820.8 | 829.0 | 835.2 | 838.5 | 835.2 | 796.7 | 782.2 | — | 823.1 | 839.1 | 848.1 | 828.4 |
| Provisions - Total | 35.9 | 36.5 | 37.1 | 37.9 | 38.3 | 26.4 | 26.9 | — | 27.8 | 28.3 | 28.8 | 29.3 |
| Shareholders Equity - Common | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 |
| Tangible Total Equity | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 |
| Tangible Book Value | 826.2 | 834.8 | 832.0 | 838.6 | 844.9 | 794.7 | 797.4 | — | 814.7 | 843.3 | 841.3 | 836.9 |
| Total Book Capital | 847.5 | 856.2 | 853.4 | 860.0 | 866.3 | 816.1 | 818.7 | — | 839.6 | 864.5 | 862.6 | 861.6 |
| Total Capital | 847.5 | 856.2 | 853.4 | 860.0 | 866.3 | 816.1 | 818.7 | — | 839.6 | 864.5 | 862.6 | 861.6 |
| Total Long Term Capital | 862.1 | 871.3 | 869.2 | 876.5 | 883.2 | 821.1 | 824.3 | — | 842.6 | 871.6 | 870.1 | 866.2 |
| Book Value excluding Other Equity | 745.7 | 754.3 | 751.5 | 758.1 | 764.4 | 714.2 | 716.9 | — | 734.2 | 762.8 | 760.8 | 756.4 |
| Accruals - Short-Term | 66.0 | 70.1 | 57.1 | 56.5 | 64.6 | 52.2 | 59.9 | — | 69.8 | 110.8 | 99.5 | 91.2 |
| Cash & Short Term Investments - Net of Debt | 5.3 | 5.8 | (3.2) | 0.1 | 9.6 | (2.0) | 15.2 | — | (8.4) | 4.2 | (6.7) | 8.5 |
| Current Portion of Long-Term Debt including Capitalized Leases & Hybrid Financial Instruments | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 | 21.1 | — | 21.2 | 21.2 | 21.2 | 21.2 |
| Total Fixed Assets - Net | 793.8 | 797.8 | 801.9 | 806.6 | 810.6 | 758.3 | 763.1 | — | 769.4 | 760.7 | 764.1 | 767.7 |
| Working Capital | 68.2 | 73.4 | 67.3 | 69.9 | 72.6 | 62.8 | 61.2 | — | 73.2 | 110.9 | 106.0 | 98.5 |
| Interest Bearing Liabilities - Total | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.3 | — | 24.8 | 21.2 | 21.2 | 24.7 |
| Working Capital - Non-Cash | 41.5 | 46.2 | 49.1 | 48.4 | 41.6 | 43.5 | 24.7 | — | 56.7 | 85.5 | 91.5 | 65.2 |
| Working Capital excluding Other Current Assets & Liabilities | — | — | — | — | — | — | — | — | 73.2 | 110.9 | 89.0 | 98.5 |
| Net Debt Including Preferred Equity & Minority Interest | (5.3) | (5.8) | 3.2 | (0.1) | (9.6) | 2.0 | (15.2) | — | 8.4 | (4.2) | 6.7 | (8.5) |
| Other Short-Term & Long-Term Assets - Total | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | — | 3.2 | 3.2 | 20.2 | 3.2 |
| Other Short-Term & Long-Term Liabilities - Total | — | — | — | — | — | — | — | — | — | — | (0.0) | — |
| Total Current Assets excluding Total Inventories | 75.0 | 81.2 | 81.7 | 66.4 | 76.0 | 87.5 | 91.8 | — | 58.9 | 88.8 | 87.2 | 74.4 |
| Tangible Book Value excluding Other Equity | 745.7 | 754.3 | 751.5 | 758.1 | 764.4 | 714.2 | 716.9 | — | 734.2 | 762.8 | 760.8 | 756.4 |
| Total Debt Excluding Islamic | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.3 | — | 24.8 | 21.2 | 21.2 | 24.7 |
| Trade Accounts & Trade Notes Receivable - Net - Total | 30.1 | 33.3 | 32.7 | 28.1 | 26.6 | 26.8 | 36.0 | — | 28.2 | 50.4 | 43.1 | 33.9 |
| Current Liabilities excluding Current Debt - Total | 12.1 | 6.7 | 8.8 | 8.2 | 8.4 | 22.0 | 25.3 | — | 22.7 | 22.2 | 22.9 | 16.7 |
| Cash in Hand & with Banks - Total | 2.2 | 3.4 | 10.2 | 13.5 | 8.0 | 10.7 | 1.3 | — | 3.4 | 0.1 | 6.5 | 7.3 |
| Current Assets excluding Cash & Short Term Investments - Total | 75.0 | 74.3 | 79.3 | 78.1 | 71.4 | 86.9 | 71.3 | — | 104.2 | 128.9 | 135.6 | 106.6 |
| Cash, Short Term Investments & Accounts Receivable - Total | 56.8 | 60.5 | 51.0 | 49.6 | 57.6 | 46.2 | 72.5 | — | 44.7 | 75.8 | 57.6 | 67.2 |
Every line the company reported, in the original order and wording, without regrouping or signs changed. Latest 12 periods; the table above goes back further.