Hi-Tech Lubricants posts Rs52.5m profit in Apr-Jun

MG News | September 23, 2024 at 09:46 AM GMT+05:00

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September 23, 2024 (MLN): Hi-Tech Lubricants Limited (PSX: HTL) posted a profit after tax of Rs52.48 million [EPS: Rs0.38] in the quarter ending June 2024 as sales doubled. For the whole fiscal year 2023-24, the company earned Rs111.4m.

That compares to a loss of Rs214.86m [LPS: Rs1.54] incurred in the same period last year (SPLY) and a loss of Rs93.41m in FY23.

Going by the quarterly results, the company's revenue surged 107.0% to Rs8.31bn as compared to Rs4.02bn in SPLY.

The cost of sales also rose by 111.0% but was lesser than proportionate to sales rise, which improved the gross profit by 63.8% to Rs566.29m in Q4 FY24.

The gross margins, however, fell to 6.8% as compared to 8.6% in SPLY.

During the period under review, other income grew 82.7% to stand at Rs148.7m in Q4 FY24 as compared to Rs81.4m in SPLY.

On the expense side, the company's administrative expenses fell 12.8% from a year ago to Rs190.07m, while selling and distribution expenses decreased 16.4% to Rs313.22m.

The company’s finance cost declined by 13.8% and stood at Rs142.86m as compared to Rs165.78m in SPLY, likely ue to a fall in borrowing costs.

On the tax front, the company received a tax credit worth Rs19.07m against the tax expense of Rs95.91m paid in the corresponding period of last year.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	8,313,602	4,017,171	106.95%
Cost of sales	(7,747,314)	(3,671,536)	111.01%
Gross Profit/ (loss)	566,288	345,634	63.84%
Administrative Expenses	(190,070)	(218,065)	-12.84%
Selling And Distribution Expenses	(313,217)	(374,575)	-16.38%
Other Income	148,705	81,404	82.67%
Other Operating Expenses	(35,439)	20,607	-
Finance Cost	(142,862)	(165,782)	-13.83%
Profit/ (loss) before taxation	33,405	(310,777)	-
Taxation	19,071	95,915	-80.12%
Net profit/ (loss) for the period	52,477	(214,862)	-
Basic earnings/ (loss) per share	0.38	(1.54)	-

Amount in thousand except for EPS

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