October 27, 2022 (MLN): Nishat Mills Limited (PSX: NML) has posted a consolidated net profit of Rs4.55 billion (EPS: Rs11.61) for the first quarter of the fiscal year 2022-23, down by 2% YoY compared to the same period last year.
During the period under review, the top line witnessed an increase of 45% YoY to Rs52.11bn while the cost of sales surged by 52% YoY to Rs86bn. As a result, the gross profits of the company contracted by 3.68% to 16.89% in 1QFY23.
On the cost side, the distribution cost went up by 38% YoY while administrative expenditure saw a marginal decline of 40% YoY to clock in at Rs2.78bn and Rs865mn, respectively.
Meanwhile, the company enjoyed profits of Rs303mn from associates during the said period.
On the other hand, the negative impact of higher interest rate was also visibly seen in financial cost which inflated by over 2x YoY to Rs949mn in the said period.
The effective tax rate of the company stood at 12.3% in 1QFY23, compared to 9% in SPLY.
