KTML enjoys 71% YoY surge in net profit during 9MFY23

MG News | April 18, 2023 at 01:54 PM GMT+05:00

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April 18, 2023 (MLN): The net profit of Kohinoor Textile Mills (KTML) has jumped by 71% YoY to clock in at Rs9 billion (EPS: Rs20.39) for the period of nine months ended on March 31, 2023, compared to Rs5.26bn (EPS: 12.82) in the same period a year ago.

During the period under review, the topline went up by 22.6% YoY to Rs77.15bn on an account of increase in selling prices and devaluation of PKR against USD. However, the 27% YoY increase in the cost of sales dented the gross margins by 200ppt to 26% during 9MFY23.

With regards to major expense heads, the company encountered a 16.5% YoY and 50.3% YoY increase in distribution cost and administrative expenses, respectively. On the other hand, the other expenses dropped significantly by 77.6% YoY in 9MFY23.

Meanwhile, the other income climbed up substantially by around 44% YoY to peg at Rs1.49bn. Notably, the finance cost of the company jumped by 40.4% YoY to Rs2.66bn due to higher borrowing rates, affecting the financial health of the company.

On the taxation front, the company paid Rs3.65bn during the period under review, inflating by 64% YoY compared to the same period last year.

Consolidated Financial Results for the Nine Months Ended on March 31, 2023 ('000 Rupees)
	Mar-23	Mar-22	% Change
Revenue	77,150,788	62,933,924	22.6%
Cost of sales	(57,421,329)	(45,145,126)	27.2%
Gross profit	19,729,459	17,788,798	10.9%
Distribution cost	(2,644,662)	(2,269,545)	16.5%
Administrative expenses	(1,954,041)	(1,300,303)	50.3%
Other expenses	(1,313,640)	(5,868)	22287.7%
	(5,912,343)	(3,575,716)	65.3%
	13,817,116	14,213,082	-2.8%
Other income	1,491,835	1,038	143669.4%
Profit from operations	15,308,951	14,214,120	7.7%
Finance cost	(2,658,045)	(1,893,713)	40.4%
Profit before taxation	12,650,906	12,320,407	2.7%
Taxation	(3,651,226)	(2,229,752)	63.8%
Profit after taxation	8,999,680	10,090,655	-10.8%
Earnings per share - Basic and Diluted (Rupees)	20.39	12.82	59.0%

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