Karachi October 27, 2021: Millat Tractors Limited profit has declined by 12/19% YoY/QoQ in 1QFY22. MTL has announced its 1QFY22 results where company has posted consolidated PAT of PKR1.44bn (EPS: PKR22) vs. PAT of PKR1.29bn (EPS: PKR19) SPLY, says Insight Securities in a research note published today.
During 1st quarter, revenue stood at PKR10.4bn compared to PKR9bn in SPLY, recording an increase of 15%. The rise in revenue is mainly attributable to increase in tractor prices.
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Gross margin clocked in at 25ppt, up by 5ppt QoQ on the back of decline in scrap & iron ore prices and improved tractor pricing. However, YoY gross margin declined by 0.2ppt.
Other income increased by 97% QoQ. The rise in other income is possibly due to increase in cash & cash equivalent. However, we await detailed accounts for further clarity.
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Company’s finance cost increased by 17%/47% YoY/QoQ, the rise is finance cost is possibly attributable to increase in interest rate.
