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Atlas Honda’s profit surged 152% on sales spree

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26th Oct, 2023. 01:03 am
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Atlas Honda’s profit was up 152% in Q2 FY24 to Rs. 1.95 billion.
Interim cash dividend of Rs. 17 per share declared for first half of CY23.
Gross profit increased to Rs. 2.4 billion in Q2 FY24 and Rs. 4.3 billion in first half of CY23.

Atlas Honda Limited (PSX: ATLH) reported a profit of Rs. 1.95 billion for the quarter ending on September 30, 2023, marking a 152% rise from the previous year’s figure of Rs. 777 million.

This resulted in a profit of Rs. 3.5 billion in the first half of the calendar year 2023, showing a 56.1% increase from Rs. 2.28 billion in the same period the previous year.

In addition to the financial results, the company declared an interim cash dividend of Rs. 17 per share for the first half of the calendar year 2023.

In the quarter ending on September 30, 2023, the company reported net sales of Rs. 38.5 billion, marking a 30 percent increase from Rs. 29.5 billion during the same period last year. For the first half of 2023, sales increased by 10 percent, reaching Rs. 74 billion, attributed to multiple price hikes implemented by the motorcycle manufacturer.

As a result, the gross profit amounted to Rs. 2.4 billion in the second quarter of fiscal year 2024 and Rs. 4.3 billion for the initial six months of 2023.

Administrative expenses increased by 27 percent to Rs. 245.6 million in the period from July to September. In the first half of the calendar year 2023, this figure amounted to Rs. 477 million.

Excluding other operating expenses and financial charges, other income significantly boosted profits by Rs. 2.2 billion in the second quarter of fiscal year 2024. In the first half of calendar year 2023, this category of income surged by an impressive 132 percent, contributing Rs. 4.2 billion to the bottom line.

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The company reported an Earnings per Share (EPS) of Rs. 15.77 for the second quarter of fiscal year 2024 and Rs. 28.68 for the first half of calendar year 2023.

As of the time of filing, the company’s stock on the stock exchange was priced at Rs. 300, showing an increase of 1.85 percent or Rs. 5.45, with a trading volume of 15,100 shares on Tuesday.

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Atlas Honda’s profit surged 152% on sales spree

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