April 29, 2024 (MLN): Highnoon Laboratories Limited (PSX: HINOON) experienced a rise of 22.0% YoY in its profitability during the first three months of 2024, with its profit after tax rising to Rs763.12 million [EPS: Rs14.4], compared to a profit of Rs625.51m [EPS: Rs11.81] in the same period last year (SPLY).
Going by the results, the company's revenue increased by 15.2% YoY to Rs5.61bn as compared to Rs4.87bn in SPLY.
The cost of sales also rose by 8.5% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 23.3% YoY to Rs2.73bn in Q1 2024.
The gross margins increased to 48.61% as compared to 45.41% in SPLY.
During the period under review, other income increased by 45.6% YoY to stand at Rs70.46m in Q1 2024 as compared to Rs48.39m in SPLY.
On the expense side, the company's administrative expenses rose 13.0% YoY to Rs226.7m, selling and distribution expenses rose 23.1% YoY to Rs1.39bn, and other operating expenses rose 23.1% YoY to Rs142.79m.
The company’s finance cost decreased by 19.8% YoY and stood at Rs0.68m as compared to Rs0.84m in SPLY.
On the tax front, the company paid a higher tax worth Rs278.94m against the Rs216.6m paid in the corresponding period of last year, depicting an increase of 28.8% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 5,614,220 | 4,872,781 | 15.22% |
| Cost of sales | (2,885,129) | (2,660,168) | 8.46% |
| Gross Profit/ (loss) | 2,729,091 | 2,212,613 | 23.34% |
| Administrative Expenses | (226,701) | (200,672) | 12.97% |
| Selling And Distribution Expenses | (1,387,336) | (1,127,440) | 23.05% |
| Other Income | 70,463 | 48,392 | 45.61% |
| Other Operating Expenses | (142,786) | (89,944) | 58.75% |
| Finance Cost | (675) | (843) | -19.84% |
| Profit/ (loss) before taxation | 1,042,055 | 842,106 | 23.74% |
| Taxation | (278,935) | (216,597) | 28.78% |
| Net profit/ (loss) for the period | 763,120 | 625,508 | 22.00% |
| Basic earnings/ (loss) per share | 14.40 | 14.93 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-29T15:24:44+05:00
