NETSOL profits shrink by 23.12% YoY in 1QFY23

October 31, 2022 (MLN): NETSOL Technologies Limited (NETSOL) has disclosed the results for the first quarter ended September 2022 wherein the company’s profits are down by 23.12% YoY to Rs149 million as compared to Rs194mn profits in the corresponding period of last year.

This translates into earnings per share of Rs1.69 in 1QFY23, higher by 21.76% YoY against Rs2.16 in the same period last year (SPLY).

Going by the company’s financial statement sent to PSX today, the net revenue of the company surged by 40.01% YoY to clock in at Rs1.75 billion, against Rs1.25bn in the SPLY.

Subsequently, the gross profits of the company reached Rs467mn during the period under review as compared to Rs363mn in the SPLY.

On the expense side, the company’s selling and promotion costs rise by 49.53% YoY, and administrative expenses by 55.79% YoY. In addition, the company posted an operating loss of almost 551.68% YoY.

In addition, other expenses of the company substantially also jumped by 46.64% YoY to stand at Rs101mn as compared to Rs69mn in SPLY.

Further, the company reported an 80.74% YoY increase in finance costs that clocked in at Rs26.27mn in 1QFY23.

In addition, the company also paid taxes of Rs41mn during the period, 61.63% YoY higher than Rs25.52mn paid last year.

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