FEROZ's profit slumps 22% in Q1 FY25

By MG News | Category Equity | October 28, 2024 at 03:49 PM GMT+05:00

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October 28, 2024 (MLN): Ferozsons Laboratories Limited (PSX: FEROZ)’s bottom line in Q1 FY25 contracted by 22.16% YoY to Rs140.5 million [EPS: Rs3.23] as compared to Rs180.5m [EPS: Rs4.15] in the corresponding quarter of FY24.

The topline of the company has also decreased by 7% YoY to Rs3.35 billion in the review period compared to Rs3.62bn during the same period last year.

Accordingly, the company’s gross profit dropped by 2.28% YoY to Rs1.3bn, with a gross margin improvement as the proportional decrease in cost of sales was greater than the decrease in sales.

However, FEROZ witnessed 7.66% YoY increase in administrative expenses, reaching Rs205.7m, while selling and distribution expenses down by 5.25% YoY to Rs740m.

The profits of the company also hurt by the surging finance cost which was jumped by 99% YoY to Rs158.6m.

On the tax side, the company incurred a minimum tax differential of Rs4.98m, significantly higher (304%) than the Rs0.98m it paid in the same period last year.

In addition, a notable upsurge was seen in the final tax expense, which increased by 801%, amounting to Rs4.8m compared to Rs0.53m in the previous year.

The company’s income tax for the period decreased by 59.54% YoY to Rs49.11m.

Financial Results for the first quarter ended September 30, 2024 (Rupees)
	Sep-24	Sep-23	% Change
Net sales	3,356,578,900	3,622,967,251	-7.35%
Cost of sales	(2,049,740,402)	(2,285,673,006)	-10.32%
Gross profit	1,306,838,498	1,337,294,245	-2.28%
Administrative expenses	(205,764,119)	(191,126,841)	7.66%
Selling and distribution expenses	(740,159,084)	(781,145,523)	-5.25%
Other charges	(19,489,489)	(25,797,280)	-24.45%
Other income	15,693,291	44,070,494	-64.39%
Finance costs	(158,626,748)	(79,667,259)	99.11%
Profit before income tax, final tax and minimum tax differential	198,492,349	303,627,836	-34.63%
Minimum tax differential	(3,980,421)	(985,549)	303.88%
Final Tax	(4,801,194)	(532,346)	801.89%
Profit before income tax	189,710,734	302,109,941	-37.20%
Income Tax	(49,199,827)	(121,593,977)	-59.54%
Net profit for the period	140,510,907.00	180,515,964.00	-22.16%
Basic and diluted earnings per share (Rupees)	3.23	4.15	-22.17%

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