Lalpir Power profit climbs to Rs1.45bn in Q1 2024

MG News | April 26, 2024 at 04:19 PM GMT+05:00

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April 26, 2024 (MLN): Lalpir Power Limited (PSX: LPL) reported its earnings for the first quarter of 2024, wherein the profit after tax rose to Rs1.45 billion [EPS: Rs3.81] compared to a profit of Rs1.02bn [EPS: Rs2.69] in the same period last year (SPLY).

Going by the results, the company's top line surged 3.4x YoY to Rs8.8bn as compared to Rs2.61bn in SPLY.

The cost of sales also increased by 5.1x YoY but was lesser than proportionate to sales increase, which improved the gross profit by 50.5% YoY to Rs1.87bn in 1Q2024.

The gross margins, however, worsened to 21.26% as compared to 47.60% in SPLY.

During the review period, other income went up by 4.6x YoY to stand at Rs8.49m in 1Q2024 as compared to Rs1.86m in SPLY.

On the expense side, the company observed a decrease in administrative expenses by 7.2% YoY while other expenses rose 12.4% YoY to clock in at Rs56.02m and Rs1.47m respectively during the review period.

The company’s finance cost inflated by 2.3x YoY and stood at Rs375.36m as compared to Rs160.1m in SPLY, mainly due to higher interest rates.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	8,802,467	2,611,682	237.04%
Cost of sales	(6,930,841)	(1,368,444)	406.48%
Gross Profit/ (loss)	1,871,626	1,243,238	50.54%
Administrative Expenses	(56,021)	(60,345)	-7.17%
Other Income	8,491	1,861	356.26%
Other Operating Expenses	(1,471)	(1,309)	12.38%
Finance Cost	(375,364)	(160,097)	134.46%
Profit/ (loss) before taxation	1,447,261	1,023,348	41.42%
Basic earnings/ (loss) per share	3.81	2.69	-

Amount in thousand except for EPS

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