Agriauto Industries suffers Rs84m loss in three months

By MG News | Category Equity | September 06, 2024 at 11:46 AM GMT+05:00

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September 06, 2024 (MLN): Agriautos Industries Limited (PSX: AGIL) incurred a loss after tax of Rs84.11 million [LPS: Rs2.34] in the April-June quarter, a stark contrast compared to a profit of Rs56.67m [EPS: Rs1.57] in the same period last year (SPLY).

The loss comes despite a jump in sales revenue and improved gross profit.

The company's sales rose 45.7% to Rs1.84bn as compared to Rs1.26bn in SPLY. The gross profit surged 1,121% to Rs73.44m in Q4 FY24.

The gross margins improved substantially to 4.0% as compared to 0.5% in SPLY.

Meanwhile, the company's other income decreased by 72.8% to stand at Rs5.9m in Q4 FY24 as compared to Rs21.67m in SPLY.

On the expense side, the company's administrative expenses rose 34.3% from a year ago to Rs70.16m, and selling and distribution expenses surged 498.8% to Rs31.08m.

The company also incurred finance costs worth Rs49.53m as compared to a fiance income of Rs50.22m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs12.26m against the tax credit worth Rs42.07m received in the corresponding period of last year, depicting an increase of .

This translates to an effective tax rate of 17.1%.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	1,841,635	1,264,197	45.68%
Cost of sales	(1,768,195)	(1,258,182)	40.54%
Gross Profit/ (loss)	73,440	6,015	1120.95%
Administrative Expenses	(70,155)	(52,258)	34.25%
Selling And Distribution Expenses	(31,080)	(5,190)	498.84%
Other Income	5,900	21,667	-72.77%
Other Operating Expenses	(428)	(5,853)	-92.69%
Finance Cost	(49,528)	50,217	-
Profit/ (loss) before taxation	(71,851)	14,598	-
Taxation	(12,256)	42,073	-
Net profit/ (loss) for the period	(84,107)	56,671	-
Basic earnings/ (loss) per share	(2.34)	1.57	-

Amount in thousand except for EPS

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