Nishat Power earns Rs4.12 per share in 1QFY24, up by 55% YoY
MG News | October 23, 2023 at 01:11 PM GMT+05:00
October 23, 2023 (MLN): Nishat Power Limited (PSX: NPL) posted a remarkable growth of 54.52% YoY in its net profit in the first quarter of FY24, which reached Rs1.46 billion [EPS: Rs4.12], as opposed to Rs943.14 million [EPS: Rs2.66] in the corresponding quarter of the previous year.
Going by the results, the company's top line contracted by 14.50% YoY to Rs9.79bn as compared to Rs11.45bn in SPLY.
However, the cost of sales also fell by 18.80% YoY, which improved the gross profit by 25.41% YoY to Rs1.4bn in 1QFY24.
Moreover, during the review period, other income surged by 7.2x YoY to stand at Rs169.01m in 1QFY24 as compared to Rs23.54m in SPLY.
On the expense side, the company observed an increase in administrative expenses by 16.32% YoY to clock in at Rs107.11m while completely eliminating other expenses during the review period.
The company also managed its finance costs, which went down by 94.20% YoY and stood at just Rs1.74m as compared to Rs29.9m in 1QFY23.
| Unconsolidated (un-audited) Financial Results for Quarter ended 30 September 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 9,787,919 | 11,447,598 | -14.50% |
| Cost of sales | (8,390,627) | (10,333,385) | -18.80% |
| Gross Profit | 1,397,292 | 1,114,213 | 25.41% |
| Administrative expenses | (107,110) | (92,084) | 16.32% |
| Other Income | 169,014 | 23,535 | 618.14% |
| Other expenses | - | (72,629) | - |
| Finance cost | (1,735) | (29,899) | -94.20% |
| Profit before taxation | 1,457,461 | 943,136 | 54.53% |
| Taxation | (117) | - | - |
| Net profit for the period | 1,457,344 | 943,136 | 54.52% |
| Basic earnings/ (loss) per share | 4.12 | 2.66 | - |
Amount in thousand except for EPS
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