IGI Holdings Limited recently released its financial results for the quarter and nine months ending on September 30, 2024. The board meeting on October 29, 2024, highlighted key financials and corporate decisions, showcasing a strong performance amid challenging market dynamics. This article provides a breakdown of IGI Holdings’ financial statements, offering insights into revenue, expenses, and profitability.
Financial Summary for Q3 2024
- Corporate Announcements
- Cash Dividend: Nil
- Bonus Shares: Nil
- Right Shares: Nil
- Other Entitlements/Corporate Actions: Nil
- Price-Sensitive Information: Nil
The board has not declared any dividends, bonuses, or rights for shareholders, possibly retaining profits to strengthen reserves or invest in future growth initiatives.
Unconsolidated Interim Financial Highlights
The unconsolidated condensed interim statement of profit or loss gives a clear view of IGI Holdings Limited’s performance without considering its subsidiary companies.
Nine-Month Period Performance (Ended September 30, 2024)
- Total Income: Rs 1,178,390 thousand, a rise from Rs 1,093,952 thousand in 2023.
- General & Administrative Expenses: Rs 116,015 thousand (an increase from Rs 77,277 thousand in 2023).
- Finance Costs: Rs 106,549 thousand, a slight reduction from the previous year’s Rs 178,540 thousand.
- Profit Before Taxation: Rs 955,826 thousand, showcasing a robust increase compared to Rs 838,135 thousand in 2023.
- Profit After Taxation: Rs 948,631 thousand, up from Rs 836,829 thousand in 2023.
- Earnings Per Share (EPS): Rs 6.65, a positive jump from Rs 5.87.
Quarterly Performance (Ended September 30, 2024)
- Total Income: Rs 621,713 thousand, slightly up from Rs 604,178 thousand in Q3 2023.
- Total Expenses: Rs 67,506 thousand, reduced from Rs 92,971 thousand in the previous quarter.
- Profit Before Taxation: Rs 554,207 thousand, up from Rs 511,207 thousand.
- Profit After Taxation: Rs 548,892 thousand, surpassing Rs 510,866 thousand.
- Earnings Per Share: Rs 3.85, an improvement over Rs 3.58 in Q3 2023.
IGI Holdings demonstrated improved profitability year-over-year, despite rising administrative expenses. The company’s effective control over finance costs has contributed significantly to its positive earnings trajectory.
Consolidated Financial Performance of IGI Holdings and Its Subsidiaries
The consolidated financials present a more comprehensive view, combining IGI Holdings’ performance with that of its subsidiaries.
Nine-Month Performance (Ended September 30, 2024)
- Operating Revenue: Rs 17,945,431 thousand, a significant leap from Rs 12,430,092 thousand in 2023.
- Operating Expenses: Rs 8,664,458 thousand, indicating higher operational costs due to expansion or inflation.
- Total Income (Including Other Income): Rs 8,728,227 thousand, up from Rs 3,808,788 thousand in 2023.
- Profit Before Taxation: Rs 2,494,681 thousand, with an EPS of Rs 10.49.
- Profit After Taxation: Rs 1,528,727 thousand, translating to solid returns for shareholders.
Quarterly Consolidated Performance (Ended September 30, 2024)
- Operating Revenue: Rs 6,379,383 thousand, outperforming the Rs 4,911,577 thousand in Q3 2023.
- Profit After Taxation: Rs 528,594 thousand, representing a decrease from Q3 2023’s Rs 1,032,012 thousand, likely due to increased expenses.
- Earnings Per Share (EPS): Rs 3.61, down from Rs 7.19 in Q3 2023, possibly reflecting the impact of higher operational costs on earnings.
The consolidated performance indicates that, despite a drop in quarterly EPS, IGI Holdings and its subsidiaries achieved strong revenue growth and maintained profitability.