April 30, 2024 (MLN): Nishat Chunian Limited (PSX: NCL) recorded a decrease of 2.7% YoY in its profitability for the quarter ended March 31, 2024 (Q12024), clocking in its profit after tax at Rs374.19 billion [EPS: Rs1.56], compared to a profit of Rs384.45bn [EPS: Rs1.6] in the same period last year (SPLY).
Going by the results, the company's top line expanded by 39.3% YoY to Rs24.25bn as compared to Rs17.41bn in SPLY.
The cost of sales rose by 35.4% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 75.2% YoY to Rs2.98bn in Q1 2024.
The gross margins improved to 12.29% as compared to 9.77% in SPLY.
During the period under review, other income went down by 70.5% YoY to stand at Rs252.07m in Q1 2024 as compared to Rs853.33m in SPLY.
On the expense side, the company's administrative expenses fell 12.3% YoY to Rs125.94m, selling and distribution expenses rose 65.5% YoY to Rs657.78m, and other operating expenses fell 65.5% YoY to Rs25.75m.
The company’s finance cost increased by 23.1% YoY and stood at Rs1.81bn as compared to Rs1.47bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs239.24m against the Rs127.04m paid in the corresponding period of last year, depicting a rise of 88.3% YoY.
| Consolidated Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 24,254,234 | 17,408,832 | 39.32% |
| Cost of sales | (21,274,184) | (15,707,985) | 35.44% |
| Gross Profit/ (loss) | 2,980,050 | 1,700,847 | 75.21% |
| Administrative Expenses | (125,941) | (143,598) | -12.30% |
| Selling And Distribution Expenses | (657,777) | (397,466) | 65.49% |
| Other Income | 252,072 | 853,331 | -70.46% |
| Other Operating Expenses | (25,754) | (31,577) | -18.44% |
| Finance Cost | (1,809,215) | (1,470,041) | 23.07% |
| Profit/ (loss) before taxation | 613,435 | 511,495 | 19.93% |
| Taxation | (239,244) | (127,040) | 88.32% |
| Net profit/ (loss) for the period | 374,191 | 384,455 | -2.67% |
| Basic earnings/ (loss) per share | 1.56 | 1.60 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-30T13:15:56+05:00
