April 27, 2023 (MLN): Amreli Steel Limited (ASTL) experienced a massive decline of 84.14% YoY in profitability, clocked in at Rs290.96 million [EPS: Rs0.98] during 9MFY23, as compared to Rs1.83 billion [EPS: Rs6.18] in the same period last year (SPLY).
During the period under review, the company witnessed a fall in topline by 18.43% YoY to Rs34.69bn as compared to Rs42.53bn in SPLY.
On the cost front, the distribution cost fell by 8.04% YoY to stand at Rs745.39m, while administrative expenses inched up slightly by 2.97% YoY and stood at Rs526.46m in 9MFY23.
Meanwhile, the company incurred a provision of expected credit loss of Rs155.07m, surging by 14.60x YoY.
During the review period, other expenses fell sharply by 67.77% YoY at Rs55.01m, while other income also saw a decline of 46.85% to Rs12.4m.
The company’s finance cost soared by 96.17% YoY to Rs2.95bn in 9MFY23 due to higher interest rates, which hurt its profitability.
On the taxation front, the company received a tax credit of Rs161.52m as compared to paying a tax of Rs281.15m in SPLY.
|
Profit or Loss Account for the nine months ended March 31, 2023 (Rupees in '000') |
|||
|---|---|---|---|
|
|
Mar-23 |
Mar-22 |
% Change |
|
Sales |
34,697,823 |
42,537,223 |
-18.43% |
|
Cost of sales |
(30,148,298) |
(37,438,087) |
-19.47% |
|
Gross Profit |
4,549,525 |
5,099,136 |
-10.78% |
|
Distribution cost |
(745,398) |
(810,584) |
-8.04% |
|
Administrative expenses |
(526,460) |
(511,289) |
2.97% |
|
(Provision)/ reversal of expected credit loss |
(155,075) |
(10,618) |
1360.49% |
|
Other expenses |
(55,011) |
(170,668) |
-67.77% |
|
Other income |
12,400 |
23,329 |
-46.85% |
|
Operating profit |
3,079,981 |
3,619,306 |
-14.90% |
|
Finance costs |
(2,950,535) |
(1,504,100) |
96.17% |
|
Profit before taxation |
129,446 |
2,115,206 |
-93.88% |
|
Taxation |
161,523 |
(281,155) |
– |
|
Net profit for the period |
290,969 |
1,834,051 |
-84.14% |
|
Basic and diluted earnings/ (loss) per share |
0.98 |
6.18 |
– |
Copyright Mettis Link News
Posted on: 2023-04-27T16:03:24+05:00
