EPQL: Bottom line shrinks on lower gross margins

MG News | April 18, 2022 at 02:47 PM GMT+05:00

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April 18, 2022 (MLN): The net profit of Engro Powergen Qadirpur Limited (PSX: EPQL) for the quarter ended on March 31, 2022, has declined by 62% YoY to stand worth R151 million (EPS: Rs0.47) against the net profit of Rs399.27mn due to lower gross margins, the company’s financial statement sent to Exchange said on Monday.

During 1QCY22, the top line of the company plunged by 40.52% YoY to clock in at Rs1.39bn due to lower demand for power generation in 1QCY22. Consequently, gross profit fell by 64.80% YoY to Rs109.4mn, squeezing margins to 7.89% from 13.33% during the said period.

On the expense front, the company’s administrative expenses climbed up by 2.8x YoY to Rs80.39mn during 1QCY22. On the contrary, the other expenses of the company dropped by around 13% YoY.

Meanwhile, the company witnessed a 75% YoY increase in its other income to Rs1.54mn in the review period. The company’s net finance income also inched up by 3% YoY to Rs127.62mn.

The whopping increase of 3.6x YoY in tax expenses has also dented the company’s bottom line in 1QCY22.

Profit and Loss Account for the quarter ended March 31, 2022 (000' Rupees)
	Mar-22	Mar-21	% Change
Sales	1,386,763	2,331,574	-40.52%
Cost of Sales	(1,277,332)	(2,020,695)	-36.79%
Gross Profit	109,431	310,879	-64.80%
Administrative Expenses	(80,388)	(28,578)	181.29%
Other Expenses	(6,623)	(7,611)	-12.98%
Other Income	1,544	875	76.46%
Profit from Operations	23,964	275,565	-91.30%
Finance Income-net	127,615	123,852	3.04%
Workers' profits participation fund	-	-
Profit before Taxation	151,579	399,417	-62.05%
Taxation	(548)	(151)	262.91%
Profit for the Period	151,031	399,266	-62.17%
Earnings per share - Basic and Diluted	0.47	1.23	-61.79%

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