July 01, 2024 (MLN): Exide Pakistan Limited (PSX: EXIDE) recorded an increase of 66.3% YoY in its profitability during the year ended March 2024, with its profit after tax rising to Rs1.25 billion [EPS: Rs161.5].
That compares with a profit of Rs754.56m [EPS: Rs97.13] recorded in the same period last year (SPLY).
Along with the results, the company announced a final cash dividend for the year ended March 31, 2024, at Rs10 per share.
Going by the results, the company's top line expanded 9.7% YoY to Rs25.67bn as compared to Rs23.4bn in SPLY.
The cost of sales also rose by 3.9% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 44.3% YoY to Rs4.85bn in year ending March 2024.
The gross margins improved to 18.90% as compared to 14.37% in SPLY.
During the period under review, other income grew by 4.2% YoY to stand at Rs19.83m as compared to Rs19.02m in SPLY.
On the expense side, the company's selling and distribution expenses rose 39.9% YoY to Rs224.62m, administrative expenses rose 7.5% YoY to Rs1.42bn, and other operating expenses rose 3.9% YoY to Rs177.72m.
The company’s finance cost soared by 105.7% YoY and stood at Rs858.11m as compared to Rs417.23m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs900.07m against the Rs397.87m paid in the corresponding period of last year, depicting an increase of 126.2% YoY.
| Unconsolidated (un-audited) Financial Results for year ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 25,667,602 | 23,402,183 | 9.68% |
| Cost of sales | (20,815,921) | (20,039,365) | 3.88% |
| Gross Profit/ (loss) | 4,851,681 | 3,362,818 | 44.27% |
| Selling and distribution expenses | (224,618) | (160,608) | 39.85% |
| Administrative expenses | (1,418,886) | (1,319,875) | 7.50% |
| Allowance for expected credit losses | (37,474) | (160,637) | -76.67% |
| Other Income | 19,825 | 19,018 | 4.24% |
| Other Operating Expenses | (177,719) | (171,056) | 3.90% |
| Finance Cost | (858,112) | (417,232) | 105.67% |
| Profit/ (loss) before taxation | 2,154,697 | 1,152,428 | 86.97% |
| Taxation | (900,074) | (397,866) | 126.23% |
| Net profit/ (loss) for the period | 1,254,623 | 754,562 | 66.27% |
| Basic earnings/ (loss) per share | 161.50 | 97.13 | – |
Amount in thousand except for EPS
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