Interloop Limited (ILP) has announced its financial results for the half year that ended December 31, 2022 (1HFY23).
The company has reported a profit after tax (PAT) of Rs. 4.5 billion in 1HFY23 down 3 percent compared to PAT of Rs. 4.7 billion reported in the same period of the previous fiscal year. The company reported earnings per share (EPS) of Rs. 4.91 in 1HFY23 compared to an EPS of 5.41 reported in the same period of the previous year.
During the period, the company’s finance cost went up by 202 percent while taxation went up by 93 percent compared to the same period of the previous year.
During 2QFY23 the company recorded a loss of Rs. 376 million compared to a profit of Rs. 2 billion reported in the same period of the fiscal year.
The loss recorded during the outgoing quarter was on the back of lower gross margins and higher finance costs, according to a report by Arif Habib Ltd. Moreover, the company didn’t announce any interim dividend in 2QFY23.
The company’s net sales were recorded at Rs. 22.459 million during 2QFY23, up by 12 percent year-on-year (YoY), but down 26 percent on a quarter-on-quarter (QoQ) basis. With this total sales during 1HFY23 stood at Rs. 52.9 billion, up 35 percent YoY.
During 2QFY23, gross margins arrived at 15.8 percent, down by 870bps against 24.5 percent recorded during 1QFY23.
The finance costs increased by 176 percent YoY to Rs. 1,414 million in 2QFY23 due to higher interest rates along with a surge in borrowings.
