October 26, 2022 (MLN): Millat Tractors Limited (MTL) has reported a notable decline of 62% YoY decline in profit after tax (PAT) during 1QFY23 to Rs548.6 million compared to the profits of Rs1.45 billion in the corresponding period last year, the company filing on PSX showed today.
Accordingly, the earnings per share of the company clocked in at Rs5.66 per share as opposed to Rs14.96 per share reported in the same period last year (SPLY).
The MTL is a market leader of tractor assemblers in Pakistan having above 60% market share. However, the net sales of the company declined by 27% YoY to Rs7.56bn due to lower demand compared to Rs10.4bn units in SPLY.
Resultantly, the gross margins of the company were shrunk by 4% YoY to 20% in the review period.
The other income of the company also plunged by 66% YoY to Rs62mn in 1QFY23.
On the expense front, distribution and administrative expenses remained flat at Rs265.69mn and Rs272.45mn, respectively.
On the tax front, the effective tax rate of the company improved to 26.58% from 28.33% in SPLY.
