Interloop’s Half-Year Profit Soars 115% to Rs. 9.85 Billion

Interloop Limited (ILP) has announced its financial results for the half year that ended December 31, 2023 (1HFY24). The company has reported a profit after tax (PAT) of Rs. 9.85 billion in 1HFY24 up 115 percent compared to PAT of Rs. 4.58 billion reported in the same period of the previous fiscal year.

The company reported earnings per share (EPS) of Rs. 7.04 in 1HFY24 compared to EPS of 3.37 reported in the same period of the previous year.

Meanwhile, the consolidated earnings in 2QFY24 clocked in at Rs. 3,814 million (EPS: Rs. 2.72), in contrast to a loss after tax of Rs. 376 million (LPS: Rs. 0.27) in 2QFY23. The company also announced an interim cash dividend of Rs. 2 per share i.e. 20 percent for the year ending June 30, 2024.

Net sales during 1HFY24 clocked in at Rs. 73,984 million, climbing up by 40 percent YoY amid higher hosiery pricing and volumetric growth. On quarterly basis, the topline ascended by 58 percent YoY, settling at Rs. 35,484 million on account of PKR depreciation against the greenback.

Gross margins for 1HFY24 arrived at 30.6 percent compared to 25.8 percent in SPLY, owed to higher hosiery and yarn prices in tandem with the decline in cotton prices, according to Arif Habib Limited. Whereas gross margins in 2QFY24 reached 27.9 percent (up by 1202 bps YoY), which is attributable to the absence of export rebate during the same period.

Other income in 1HFY24 surged by 81x YoY to settle at Rs. 1,210 million. Whereas, in 2QFY24 other income settled at Rs. 1,079 million (up 28x YoY) mainly due to surplus on the acquisition of subsidiaries of PKR 857mn.

Finance costs in arrive 2QFY24 settled at Rs. 2,595 million compared to Rs. 1,414 million in SPLY, an increase of 84 percent YoY due to higher interest charged on elevated short-term borrowings. The company booked effective taxation at 11.8 percent in 2QFY24.

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