Ghandhara’s earnings rebound with Rs405.7m profit in Q1FY25
MG News | October 23, 2024 at 03:57 PM GMT+05:00
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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