FEROZ's profit slumps 22% in Q1 FY25
MG News | October 28, 2024 at 03:49 PM GMT+05:00
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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