Panther Tyres Ltd. Reports 38% Increase in FY24 Revenue Amid Volumetric Growth

Lahore: Panther Tyres Ltd. (PTL) held its corporate briefing, revealing a significant 38% year-over-year increase in its FY24 revenue, reaching PkR29.5 billion compared to PkR21.4 billion in FY23. The company attributed this growth to increased volumes, with 70% of sales derived from the replacement market.

According to AKD Securities Limited, PTL’s export sales rose to PkR3.6 billion from PkR3.1 billion the previous year, with Turkey, Egypt, and Brazil being key markets. The company’s earnings for FY24 stood at PkR466 million, reflecting a 7.6% increase over FY23. However, higher finance costs limited the impact of the revenue surge on the bottom line. Gross margins remained stable at 14.6% in FY24, though they fell to 11.5% in the first quarter of FY25 due to rising international rubber prices.

The company made substantial capital expenditures in FY24 to enhance production capabilities, resulting in increased capacities for both tyres and tubes. Despite facing challenges such as smuggling and under-invoicing, PTL reported progress due to government measures against smuggling. The company anticipates operational machinery for OTR tyres by the year’s end, which is expected to boost future sales. PTL also expects to benefit from declining rubber prices and a promising demand outlook in the replacement market.

The post Panther Tyres Ltd. Reports 38% Increase in FY24 Revenue Amid Volumetric Growth appeared first on Pakistan Business News.