Ghandhara’s earnings rebound with Rs405.7m profit in Q1FY25

By MG News | October 23, 2024 at 03:57 PM GMT+05:00

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October 23, 2024 (MLN): Ghandhara Automobiles Limited (PSX: GAL) witnessed a profit of Rs405.7 million [EPS: Rs7.12] in Q1FY25, compared to a loss of Rs116.9m [LPS: Rs2.05] during the same period last year (SPLY).

This turnaround in earnings was driven by a sharp rise in revenue and other income.

The company’s revenue surged by 2x YoY to Rs 2.22 billion from Rs1.01bn in Q1 FY24, showcasing a strong recovery in sales.

Despite the rise in the cost of sales, which grew by 87.5% YoY to Rs 1.87bn, the company managed to achieve a gross profit of Rs356.5m, up significantly from Rs12.6m in the same quarter last year.

Ghandhara's other income saw a remarkable jump of 4.62x YoY to Rs 270.3m, providing a substantial boost to its profitability.

On the expense side, the company's administrative expenses dropped by 3.3% YoY to Rs61m.

On the other hand, distribution costs increased by 5.77% to Rs31.33m.

On the tax front, the company paid Rs44.35m during the review period.

Unconsolidated (un-audited) Financial Results for the quarter ended September 30, 2024 (Rupees in '000)
	Sep-24	Sep-23	Change
Revenue - net -	2,222,535	1,007,785	120.54
Cost of sales	(1,866,052)	(995,167)	87.51
Gross profit	356,483	12,618	2725.19
Distribution cost	(31,333)	(29,623)	5.77
Administrative expenses	(61,189)	(63,103)	-3.03
Other income	270,270	58,393	362.85
Other expenses	(18,485)	(3,156)	485.71
Profit / (loss) from operations	515,746	(24,871)	-
Profit / (loss) before levies and income tax	450,060	(110,852)	-
Minimum tax differential	-	(12,948)	-
Profit/(loss) before income tax	450,060	(123,800)	-
Income tax			-
Current tax - for the year including super tax	(28,377)	-	-
Deferred tax - (charge) / income	(15,978)	6,900	-
Taxation	(44,355)	6,900	-
Profit / (loss) for the period	405,705	(116,900)	-
EPS/LPS	7.12	-2.05

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