August 30, 2023 (MLN): Nishat Chunian Power Limited (PSX: NCPL) posted a remarkable growth of 58.03% YoY in its net profits in FY23, which reached Rs3.96bn [EPS: Rs10.77] compared to a profit of Rs2.5bn [EPS: Rs6.82] in the same period last year (SPLY).
Going by the results, the company's top line dipped by 28.31% YoY to Rs18.22bn as compared to Rs25.42bn in SPLY.
However, the company was able to cut down its cost of sales by a huge 39.78% YoY, improving the gross profit by 42.17% YoY to Rs5.06bn in FY23.
During the period under review, the company earned 29.5% YoY lower other income of Rs113.14m in FY23 as compared to Rs160.49 million in SPLY.
On the expense side, the company observed a fall in administrative expenses by 11.5% YoY while other expenses rose by 23.99% YoY to clock in at Rs156.22m and Rs189.4m respectively during the review period.
The company’s finance costs marked a decline of 1.80% YoY and stood at Rs868.31m as compared to Rs884.21m in FY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs0.6m against the Rs0.94m paid in the corresponding period of last year, depicting a fall of 36.37% YoY.
| Unconsolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 18,220,811 | 25,415,977 | -28.31% |
| Cost of sales | (13,162,851) | (21,858,305) | -39.78% |
| Gross Profit | 5,057,960 | 3,557,672 | 42.17% |
| Administrative expenses | (156,218) | (176,520) | -11.50% |
| Other Income | 113,139 | 160,492 | -29.50% |
| Other expenses | (189,404) | (152,763) | 23.99% |
| Finance cost | (868,314) | (884,205) | -1.80% |
| Profit before taxation | 3,957,163 | 2,504,676 | 57.99% |
| Taxation | (600) | (943) | -36.37% |
| Net profit for the period | 3,956,563 | 2,503,733 | 58.03% |
| Basic earnings/ (loss) per share | 10.77 | 6.82 | – |
Amount in thousand except for EPS
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Posted on:2023-08-30T13:09:30+05:00
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