NCPL's profit jumps by 44% in 1QFY24 despite sales drop
MG News | October 12, 2023 at 12:02 PM GMT+05:00
October 12, 2023 (MLN): Nishat Chunian Power Limited (PSX: NCPL) 's profitability rose significantly by 44.33% YoY in 1QFY24, clocking in its profit after tax at Rs1.39 billion [EPS: 3.77], compared to Rs960.02 million [EPS: 2.61] profit reported in the Same Period Last Year (SPLY), company's filing on PSX revealed today.
Going by the results, the company's top line went down by 20.75% YoY to Rs6.81bn as compared to Rs8.59bn in SPLY.
The cost of sales fell by 28.04% YoY and the decline was higher than that of sales, which improved the gross profit by 21.30% YoY to Rs1.54bn in 1QFY24.
On the expense side, the company observed a rise in Administrative expenses by 6.97% YoY to clock in at Rs40.14m respectively during the review period.
Conversely, NCPL's other expenses were reduced by 99% to 1.05m in 1QFY24, compared to Rs121.07m reported in 1QFY23.
During the period under review, other income contracted by 27.94% YoY to stand at Rs28.29m in 1QFY24 as compared to Rs39.26m in SPLY.
The company’s finance costs decreased by 25.79% YoY and stood at Rs140.72m as compared to Rs189.62m in 1QFY23, mainly due to higher interest rates.
On the tax front, the company incurred a tax expense of Rs70 million during the review period, whereas in 1QFY23, the tax expense was nil.
| Un-audited Financial Results for the Quarter ended 30 September 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 6,805,654 | 8,587,101 | -20.75% |
| Cost of sales | (5,266,389) | (7,318,128) | -28.04% |
| Gross Profit | 1,539,265 | 1,268,973 | 21.30% |
| Administrative expenses | (40,141) | (37,527) | 6.97% |
| Other Income | 28,288 | 39,258 | -27.94% |
| Other expenses | (1,050) | (121,071) | -99.13% |
| Finance cost | (140,719) | (189,616) | -25.79% |
| Operating profit | 1,385,643 | 960,017 | 44.34% |
| Taxation | (70) | - | - |
| Net profit for the period | 1,385,573 | 960,017 | 44.33% |
| Basic and diluted earnings/ (loss) per share | 3.77 | 2.61 | - |
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