Millat Tractors's profit jumps to Rs5.64bn in 1HFY24

February 27, 2024 (MLN): Millat Tractors Limited (PSX: MTL) has reported a profit of 5.64 billion [EPS: Rs29.4] in 1HFY24, reflecting a massive surge compared to a profit of Rs673.65 million [EPS: Rs3.51] incurred in the same period last year (SPLY).

Going by the results, the company's top line soared 3.17x YoY to Rs46.27bn as compared to Rs14.52bn in SPLY.

The cost of sales also increased by 2.93x YoY to stand at Rs34.29bn in 1HFY24, compared to Rs11.72bn in 1HFY23.

Accordingly, the gross margins improved to 25.89% as compared to 19.32% in SPLY.

On the expense side, the company observed a rise in Distribution and marketing expenses by 86.67% YoY and other expenses by 3.5x YoY to clock in at Rs1.04bn and Rs740.69m respectively during the review period.

Similarly, the administrative expenses of MTL increased to Rs855.56m in 1HFY24, up 62.3% YoY.

The company's profits were further supported by a massive jump of 3.34x YoY to stand at Rs549.18m in 1HFY24 as compared to Rs164.34m in SPLY.

MTL’s finance cost shrank by 22.64% YoY and stood at Rs475.14m as compared to Rs614.22m in SPLY, despite higher interest rates.

On the tax front, the company paid a higher tax worth Rs3.78bn against the Rs386.52m paid in the corresponding period of last year, depicting an increase of 877.04% YoY.

Amount in thousand except for EPS

Copyright Mettis Link News