Millat Tractors sees a 1.83x growth in profits during 1QFY21

MG News | October 26, 2020 at 06:57 PM GMT+05:00

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October 26, 2020 (MLN): Millat Tractors has earned Rs. 1.29 billion (EPS: 25.93) as profits during the quarter ended September 30, 2020, i.e. around 1.83x higher than the earnings of the same period last year.

The company reported a 68% growth in revenue on account of higher tractor prices as well as an increase in the volumetric sale during the period. As per Arif Habib Limited, the gross profits showed an improvement of 102% owing to higher economies of scale and changes in the sales mix.

Furthermore, the increase in the cash and bank balances of the company resulted in a 206% improvement in the non-core income.

MTL experienced a 71% decline in its finance cost owing to a lower interest rate regime during the period under review.

Consolidated Financial Results for the quarter ended September 30, 2020 (Rupees'000)
	Sep-20	Sep-19	% Change
Net sales	9,000,451	5,431,584	65.7%
Cost of goods sold	(6,768,944)	(4,325,993)	56.5%
Gross profit	2,231,507	1,105,591	101.8%
Distribution and marketing expense	(224,504)	(177,305)	26.6%
Administrative expenses	(220,320)	(197,020)	11.8%
Other income	91,852	29,970	206.5%
Other expenses	(129,150)	(48,253)	167.7%
Finance cost	(17,631)	(60,672)	-70.9%
Profit before taxation	1,731,754	652,311	165.5%
Taxation	(439,919)	(196,093)	124.3%
Profit after taxation	1,291,835	456,218	183.2%
Earnings per share	25.93	9.16	183.1%