Absence of debt portion in sales dented NCPL’s profits

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

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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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