Agritech's loss widens by 14% YoY to Rs2.76bn in 9MCY23

October 20, 2023 (MLN): Agritech Limited (PSX: AGL) has revealed its profit and loss statement for 9MCY23, as per which the company's loss further increased by 13.94% YoY to Rs2.76bn [LPS: 7.03], compared to the loss of Rs2.42bn reported in the Same Period Last Year (SPLY).

Going by the results, the company's top line rose by 15.80% YoY to Rs13.91bn as compared to Rs12.01bn in SPLY.

The cost of sales also went up by 7.91% YoY but was lower than proportionate to sales increase, which improved the gross profit by 79.% YoY to Rs2.39bn in 9MCY23.

On the expense side, AGL reported an increase in administrative expenses by 14.95% YoY to clock in at Rs413m during the review period.

Conversely, the selling expenses of the company declined by 4.26% to Rs437.18m in 9MCY23.

However, during the 9MCY23, the company incurred Rs168.21m worth of other expenses while in the SPLY the other expenses section was nill.

Going forward, the company's other income soared by 2.88x YoY to stand at Rs141.9m in 9MCY23 as compared to Rs49.34m in SPLY.

AGL’s finance costs inflated by 42.41% YoY and stood at Rs4.54bn as compared to Rs3.19bn in 9MCY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs268.78m against the Rs197.85m paid in the corresponding period of last year, depicting a rise of 35.85% YoY.

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