MUGHAL reports 33% increase in quarterly profits

MG News | October 27, 2020 at 05:11 PM GMT+05:00

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October 27, 2020 (MLN): Mughal Iron and Steel Industries Limited has unveiled 33% YoY increase in net profits for 1QFY21 to Rs 352.4 million, against the profits of Rs 264.2 million earned in the same quarter last year.

During the quarter, Sales revenue increased from Rs. 6.67 billion to Rs. 7.7 billion as compared to corresponding period, with an increase of 15.82%. Increase in sales was due to increase in quantity of re-rolled products old and due to increase in exports of copper ingots during the period.

According to company’s quarterly report, Gross profit also increased from Rs. 836.7 million to Rs. 862.38 million in the quarter mentioned above. Overall Gross profits was a mix of different segments of re-rolled products and copper ingots with different gross profit margins. However, margins of re-rolled steel operations decreased as compared to last year mainly due to fall in average sale prices. Further, export gross profit was around 9.19%.

Moreover, due to drop-in markup rates, company’s finance costs decreased from Rs. 402.441 million to Rs. 311.725 million, marking a decline of 22.54% YoY.

Besides, the company witnessed marginal decline in affective tax rate from 14% to 13% during 1QFY21.

Profit and Loss Account for the Quarter Ended September 30th, 2020 (Rupees)
	Sep-20	Sep-19	% Change
Sales	7,734,114,663	6,677,856,137	15.82%
Cost of sales	(6,871,725,366)	(5,841,167,643)	17.64%
Gross profit	862,389,297	836,688,494	3.07%
Sales and marketing expenses	(28,673,485)	(26,242,295)	9.26%
Administrative expenses	(116,935,490)	(91,379,490)	27.97%
Other charges	(30,326,617)	(23,403,235)	29.58%
impairment loss on trade debts	-	-
Other income	31,087,937	13,084,102	137.60%
Finance cost	(311,725,258)	(402,441,500)	-22.54%
Profit before taxation	405,816,384	306,306,076	32.49%
Taxation	(53,382,469)	(42,020,987)	27.04%
Profit after taxation	352,433,915	264,285,089	33.35%
Basic and diluted earnings per share	1.40	1.05	33.33%

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