April 25, 2024 (MLN): Ghandhara Automobiles Limited (PSX: GAL) ‘s profitability plunged by 93.4% YoY, clocking in its profit after tax at Rs11.78 million in the quarter ended on March 31, 2024 [EPS: 21 paisa] compared to a profit of Rs178.6m [EPS: Rs3.13] in the same period last year.
Going by the results, the company’s top line plummeted by 61% YoY to Rs1.54 billion as compared to Rs3.96bn in Q3FY23.
The cost of sales also dropped by 60% YoY which hit the gross profit by 71% YoY to Rs125.7m in 3QCY24.
Moreover, during the review period, other income of the company also plummeted by 46% YoY to stand at Rs54.73m in Q3FY24 as compared to Rs101m in the SPLY.
On the expense side, the company observed a decrease in distribution cost by 22.67% YoY to clock in at Rs35.5m during the review period. The company’s finance costs also declined by 33.69% YoY and stood at Rs70.75m as compared to Rs106.7m in Q3FY23.
On the tax front, the company paid a substantially lower tax worth Rs0.32m against the Rs99.38m paid in the corresponding period of last year.
Financial Results for the quarter ended March 31, 2024 (‘000 Rupees)
Mar-24
Mar-23
% Change
Sales
1,544,271
3,961,753
-61.02
Cost of Sales
(1,418,518)
(3,532,331)
-59.84
Gross profit
125,753
429,422
-70.72
Distribution cost
(35,550)
(45,972)
-22.67
Administrative expenses
(62,081)
(75,814)
-18.11
Other expenses
–
(23,955)
–
Other income
54,735
101,008
-45.81
Profit (loss) from operations
82,857
384,689
-78.46
Finance cost
(70,755)
(106,708)
-33.69
(Loss)/profit before taxation
12,102
277,981
-95.65
Taxation
(324)
(99,381)
-99.67
(Loss)/Profit after taxation
11,778
178,600
-93.41
basic and diluted (loss)/earning per share(Rupees)
