Panther Tyres achieves remarkable turnaround in 1QFY24, making profit worth Rs301m

October 18, 2023 (MLN): Panther Tyres Ltd. (PSX: PTL) unveiled its profitability for the first quarter of FY24, wherein the profit after tax clocked in at 301.32 million [EPS: Rs1.79], compared to a loss of Rs267.25m [LPS: Rs1.59] in the same period last year (SPLY).

Going by the results, the company's top line grew by 76.50% YoY to Rs7.93 billion as compared to Rs4.49bn in SPLY.

The cost of sales also rose by 61.15% YoY but was less than proportionate to the sales increase, which improved the gross profit by 248.66% YoY to Rs1.28bn in 1QFY24.

During the period under review, other income marked a decline of 36.40% YoY to stand at Rs14.35m in 1QFY24 as compared to Rs22.56m in SPLY.

On the expense side, the company observed an increase in selling and distribution expenses by 73.47% YoY and other expenses by around 6x YoY to clock in at Rs365.51m and Rs37.94m respectively during the review period.

The company’s finance costs decreased by 12.65% YoY and stood at Rs286.94m as compared to Rs328.49m in 1QFY23.

On the tax front, the company paid a higher tax worth Rs188.96m against the Rs19.98m paid in the corresponding period of last year.

Amount in thousand except for EPS

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