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

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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Posted on: 2020-09-14T12:38:00+05:00

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