Islamabad, Sep 9: Millat Tractors Limited (PSX: MTL) Monday announced financial results for the year ended June 30, 2024 (FY24) where it reported profit after tax (PAT) of Rs. 9.916 billion (EPS of Rs. 51.70), up 194 percent over PAT of Rs. 3.378 billion (EPS of Rs. 17.61) reported in FY23.
The company’s PAT for 4QFY24 was Rs. 2.057 billion (EPS of Rs. 10.72), which is a 64% increase over the PAT for 4QFY23 of Rs. 1.251 billion (EPS of Rs. 6.52) billion.
According to a result review by Arif Habib Limited (AHL), the topline for FY24 increased by 107% over the previous year to Rs. 91,509 million, led by a 62 percent year-over-year (YoY) increase in volumetric sales to 30.2k units.
According to the study, net sales in 4QFY24 increased by 58% YoY to Rs. 21,928 million, compared to Rs. 13,893 million in SPLY.
A rise in tractor prices was the main factor driving the FY24 gross margins, which came in at 22.6 percent as opposed to 20 percent in SPLY and effectively compensated the high manufacturing expenses.
Gross margins were recorded at 20.7 percent in 4QFY24 as opposed to 25.4 percent in SPLY. According to our analysis, selling and distribution costs in FY24 increased by 77 percent year over year to reach Rs. 1,898 million due to rising volumetric sales and inflationary pressure.
Selling and distribution expenses came in at Rs. 311 million in 4QFY24, up 42 percent YoY. Other income, which came in at Rs. 40 million in 4QFY24, represented a decline of 61 percent YoY.
