Atlas Honda Limited reported a remarkable 117.0% year-on-year increase in profits for the second quarter of 2024, reaching Rs3.48 billion with earnings per share (EPS) of Rs28.02. This is a significant rise from the Rs1.6 billion profit (EPS: Rs12.91) recorded in the same period last year.
The company’s revenue grew by 33.1% YoY, totaling Rs47.42 billion compared to Rs35.62 billion in the previous year. Despite a 26.9% YoY increase in the cost of sales, the gross profit surged by 144.0% YoY to Rs4.61 billion, thanks to an improved gross margin of 9.7%, up from 5.3% in the prior year.
Other income also saw a 19.9% YoY increase, reaching Rs2.43 billion in Q2 2024, up from Rs2.03 billion in the same period last year.
On the expense side, administrative expenses increased by 9.0% YoY to Rs240 million, while selling and distribution expenses rose 26.1% YoY to Rs896.63 million, and other operating expenses also grew 26.1% YoY to Rs264.34 million.
Finance costs climbed 63.0% YoY to Rs27.85 million, driven by higher interest rates. The company’s tax expense also increased significantly by 84.5% YoY to Rs2.14 billion, up from Rs1.16 billion in the corresponding period of the previous year.
