April 25, 2024 (MLN): Ghandhara Industries Limited (PSX: GHNI) has reported a profit of Rs405.72 million [EPS: Rs9.52] in the quarter ended on March 31, 2024, compared to a profit of Rs155.2m [EPS: Rs3.64] recorded in the Same Period Last Year (SPLY), reflecting a significant surge of 2.6x YoY, company’s filing on PSX revealed.
Going by the results, the company’s top line remained stagnant at Rs4.8 billion while the cost of sales also went down by 4.56% YoY.
As a result, the gross profit increased by 26% YoY to Rs905m in 3QFY24.
On the expense side, the company observed a fall in Administrative and Distribution expenses by 17.7% YoY and 1.56% YoY, respectively whereas the other expenses rose by 57% YoY during the review period.
During the review period, other income improved by 10.33% YoY to stand at Rs77.8m in Q3FY24 as compared to Rs70.5m in SPLY.
The company’s finance cost dropped by 15% YoY and stood at Rs134.85m as compared to Rs158.6m in SPLY.
On the tax front, the company paid a lower tax worth Rs101.9m against the Rs125.9m paid in the corresponding period of last year, depicting a decrease of 19% YoY.
Financial Results for the quarter ended March 31, 2024 (‘000 Rupees)
Mar-24
Mar-23
% Change
Sales
4,801,340
4,801,059
0.01
Cost of Sales
(3,895,868)
(4,081,959)
-4.56
Gross profit
905,472
719,100
25.92
Distribution cost
(222,896)
(226,425)
-1.56
Administrative expenses
(83,649)
(101,633)
-17.70
Other expenses
(34,208)
(21,778)
57.08
Other income
77,818
70,505
10.37
Profit (loss) from operations
642,537
439,769
46.11
Finance cost
(134,857)
(158,604)
-14.97
(Loss)/profit before taxation
507,680
281,165
80.56
Taxation
(101,956)
(125,957)
-19.05
(Loss)/Profit after taxation
405,724
155,208
161.41
basic and diluted (loss)/earning per share (Rupees)
