Lucky Core Industries’ Profit Down by 37% in FY24

Lucky Core Industries Limited announced its 4QFY24 financial result today where the company posted a profit after tax (PAT) of Rs. 3.2 billion compared to a loss after tax of Rs. 4.4 billion during the same period last year. This takes the FY24 earnings to Rs. 11.2 billion, down by 37 percent YoY. The company also announced a cash dividend of Rs. 33.0/share taking full-year dividend per share to Rs. 60/share. During FY24, net sales increased by 10 percent YoY to Rs. 120.6 billion due to higher sales across all segments which supported the overall jump, Arif Habib Limited said in a brief review. During 4QFY24, sales witnessed a meager uptick of 1 percent YoY. Gross margins went up by 190 bps YoY to 22.4 percent during FY24 amid an upward revision in sales prices During FY24, LCI booked an exchange gain of Rs. 116 million compared to an exchange loss of Rs. 966 million in SPLY amid a recovery in the Pakistani Rupee against the greenback during the period. The other income of the company increased by 2.1x YoY to Rs. 3.75 billion during FY24, which is attributable to higher income from cash and cash balances. However, during the 4QFY24, the other income descended by 7 percent YoY to Rs. 805 million. Finance costs of the company went up by 23 percent YoY to Rs. 3.5 billion during FY24 owed to higher interest rates. The company booked effective taxation at 32 percent in FY24 vis-à-vis 36 percent in FY23. The company posted earnings per share of Rs. 120.73 for FY24 compared to an EPS of Rs. 190.15 in FY23. At the time of filing, LCI’s scrip at the bourse was Rs. 935.1, down 0.41 percent or Rs. 3.9 with a turnover of 1,899 shares on Tuesday.