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HomeBusinessAmreli Steels (ASTL): FINANCE BURDEN PERSISTS IN 2QFY24

Amreli Steels (ASTL): FINANCE BURDEN PERSISTS IN 2QFY24

Amreli Steels Limited (ASTL) ne 2QFY24 mein PKR462mn (LPS: PKR1.55) ka loss report kiya, 1st quarter ki PKR173mn (LPS: PKR0.58) ke muqable mein. Ye result PKR0.65 ki tawaqo’ se bura tha, jis ki wajah ziada se ziada finance cost thi.. Ye result 1HFY24 ke LPS ko PKR2.14 kar deta hai, jo ke pichle saal PKR0.62 tha.

2QFY24 se kuch ahem point:

  • Profit PKR11.4bn per tha, jo thora behtar 4% QoQ increase show karta hai lekin 14% YoY down, jo PKR12.0bn ki tawaqo’ se ziada hai. Material  ki kam demand ki wajah se munafa halat ke mutabiq more or less barabar raha.
  • Gross margins 2ppt QoQ mein contract hue lekin 3.7ppt YoY mein behtar hokar 10.2% tak pohanch gaye. 2QFY24 ke liye 10.5% ki Gross margins expected thy. Margins mein QoQ kam honay ki wajah rebar ke prices mein kami hai.
  • Financial cost 1.2bn PKR tak tha is quarter ke liye, 23% QoQ aur 21% YoY izafa, jo PKR1.0bn ki Finance brief tawaqo’ se zyada tha, shayad is izafay ki wajah quarter mein zyada higher borrowings hai.
  • Company ne apnay losses ko limit kiya jab 2Q mein PKR202mn ka tax reversal report kiya. Pichle saal ke is doran company ne PKR243mn ka tax reversal report kiya tha. Reversal ke baray mein further clarity ke liye complete financial diversification ki jarahi he.

ASTL sluggish steel ki demand ki wajah se further financial cost utha rahi hai. Lekin agar interest rates kam hon, to ASTL ko financial cost kam karne mein bara faida ho sakta hai.

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