Hi-Tech Lubricants records a double increase in profits during FY20

MG News | September 14, 2020 at 12:38 PM GMT+05:00

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September 14, 2020 (MLN): Hi-Tech Lubricants Limited has earned a profit of Rs. 121.6 million (EPS: 1.05) during the year ended June 30, 2020, i.e. almost double the amount it earned in the previous year.

The Board of Directors of the company also recommended a final cash dividend for the year at Rs. 0.9 per share i.e. 9%.

According to the company’s financial results, the net revenue declined by 40% despite a fall of 47.65% in discounts and 15.3% in sales tax. However, a fall of almost 43% in the cost of sales helped in negating the impact of lower sales on the gross profit.

While there was an increase in the administrative expenses by 48.3%, the company went on to benefit from a decline in distribution expense by 13%, non-core expense by 68.6%, and an increase in other income by 60%.

Furthermore, the decline in finance cost by 25% as well as the presence of tax credit helped in boosting the bottom-line income of the company.

Consolidated Financial Results for the year ended June 30, 2020 (Rupees)
	Jun-20	Jun-19	% Change
Gross revenue	8,141,926,516	12,593,547,639	-35.3%
Discounts	(270,429,986)	(515,680,161)	-47.6%
Sales tax	(2,242,837,824)	(2,646,705,003)	-15.3%
Net revenue	5,628,658,706	9,431,162,475	-40.3%
Cost of sales	(4,213,549,915)	(7,362,276,954)	-42.8%
Gross profit	1,415,108,791	2,068,885,521	-31.6%
Distribution expense	(737,927,997)	(846,161,758)	-12.8%
Administrative expenses	(435,793,758)	(497,432,186)	48.3%
Other expenses	(60,453,117)	(192,356,087)	-68.6%
Other income	130,431,823	81,540,776	60.0%
Finance cost	(235,639,942)	(313,959,399)	-24.9%
Profit before taxation	75,725,800	300,516,867	-74.8%
Taxation	45,890,877	(259,447,192)
Profit after taxation	121,616,677	41,069,675	196.1%
Earnings per share	1.05	0.35	200.0%

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