Absence of debt portion in sales dented NCPL’s profits

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MG News | September 28, 2021 at 01:51 PM GMT+05:00

September 28, 2021 (MLN): Nishat Chunian Power Limited (NCPL) announced its FY21 financial result today where the company posted a profit after tax (PAT) of Rs2.51billion (EPS: Rs6.83), down by 45.52% YoY as opposed to Rs4.61bn (EPS: Rs12.54) in the same period last year.

During the fiscal year 2020-21, the net sales of the company witnessed an 11% YoY decline to clock in at Rs11.64bn mainly due to the absence of debt portion in sales, however, dispatches increased by 65% YoY to 538 GWh, Arif Habib research report cited. Resultantly, the gross margins plunged considerably to 32.4% YoY from 52% YoY amid higher load factor and PKR appreciation against the USD.

On the cost front, the other expenses jumped by 55x YoY to Rs174mn while administrative expenses saw a marginal decline of 2.3% YoY.

Meanwhile, the company reported a reduction of 52% YoY in finance cost to Rs984mn in FY21 due to lower short-term borrowings and a lower interest rate regime, which provided some solace to the financial wellbeing of the company.

Profit and Loss Statement for the Year Ended June 30th, 2021 ('000 Rupees)

 

Jun-21

Jun-20

% Change

Revenue from contract with customer

 11,643,346

 13,022,871

-10.59%

Cost of Sales

 (7,873,192)

 (6,267,119)

25.63%

Gross Profit

 3,770,154

 6,755,752

-44.19%

Administrative expenses

 (140,768)

 (144,121)

-2.33%

Other expenses

 (174,487)

 (3,194)

5362.96%

Other income

 38,809

 31,613

22.76%

Finance cost

 (984,418)

 (2,034,280)

-51.61%

Profit before taxation

 2,509,290

 4,605,770

-45.52%

Taxation

 -  

 -  

 

Profit for the year

 2,509,290

 4,605,770

-45.52%

Earnings per share - basic and diluted (Rupees)

 6.83

 12.54

-45.53%

 

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