NML: EPS settles at Rs11.91, up by 3.38x YoY in 1QFY22

MG News | October 29, 2021 at 04:06 PM GMT+05:00

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October 29, 2021 (MLN): Nishat Mills Limited (NML) has revealed its financial result for 1QFY22 whereby the company declared the consolidated net profits of Rs4.64 billion, showing a 2.74x YoY growth when compared to a net profit of Rs1.69bn in 1QFY21.

This has translated into earnings per share (EPS) of Rs11.91, up by 3.38 times YoY, thanks to sales and higher gross margins.

During the first quarter, the Net sales of the company settled at Rs35.94bn, up by 40.66% YoY compared to Rs25.55bn in SPLY attributable to better utilization of plant, the addition of new customers, higher selling prices of products. Further PKR depreciation and rising contribution from value-added segment which is a high margin segment of the company also elevated topline, a research note by Arif Habib said.

Consequently, the gross margins during 1QFY22 increased by 4.88bps YoY to 20.56% due to an increase in local cotton and international cotton prices resulting in inventory gains, the report stated. While the depreciation of PKR also improved the gross margins of the company.

Notably, other income surged by 6.13x YoY to Rs964mn, owing to dividend income from MCB and exchange gains, it added.

Meanwhile, due to the lower interest rate environment, the finance costs of the company dropped by 14.76% YoY to Rs413mn in 1QFY22.

Consolidated Profit and Loss Statement for the quarter ended September 30th, 2021 ('000 Rupees)
	Sep-21	Sep-20	% Change
Revenue	35,944,418	25,554,947	40.66%
Cost of Sales	(28,552,926)	(21,546,236)	32.52%
Gross Profit	7,391,492	4,008,711	84.39%
Distribution cost	(2,012,734)	(1,446,472)	39.15%
Administrative expenses	(617,397)	(522,771)	18.10%
Other expenses	(221,833)	(81,764)	171.31%
Total expenses	(2,851,964)	(2,051,007)	39.05%
	4,539,528	1,957,704	131.88%
Other income	964,066	157,398	512.50%
Profit from operation	5,503,594	2,115,102	160.20%
Finance cost	(413,830)	(485,466)	-14.76%
	5,089,764	1,629,636	212.33%
Share of profit from associates	10,608	355,902	-97.02%
Profit before taxation	5,100,372	1,985,538	156.88%
Taxation	(464,220)	(294,467)	57.65%
Profit for the period	4,636,152	1,691,071	174.15%
Earnings per share - basic and diluted (Rupees)	11.91	3.52	238.35%

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