Current Price: ~106 | Dividend Yield: ~3.8% 💰 Dividend Announcement The Board has recommended a final cash dividend of Rs. 3.00 per share. Combined with the interim dividend of Rs. 1.00 per share already paid, the total dividend for the year stands at Rs. 4.00 per share. No bonus shares or right shares were announced. 📊 Financial Performance – A Genuine Operational Turnaround Cherat Packaging has delivered a remarkable year, with revenue growth, massive margin expansion, and outstanding earnings growth. The numbers tell a compelling story. Revenue: Revenue grew 16% to Rs. 15.09 billion from Rs. 13.01 billion last year – healthy top-line expansion. Profitability – The Real Story: Gross profit jumped 84% to Rs. 1.88 billion from Rs. 1.02 billion. Gross margin improved dramatically from approximately 7.9% to 12.5% – a gain of 4.6 percentage points. This is the most impressive aspect of the result. Operating profit rose 66% to Rs. 1.47 billion from Rs. 886 million. Operating margin expanded from 6.8% to 9.8%. PAT and EPS: Profit before tax surged 157% to Rs. 1.09 billion from Rs. 424 million. Profit after tax increased 83% to Rs. 651 million from Rs. 356 million. Earnings per share improved to Rs. 13.26 from Rs. 7.26 – growth of 83%. Key distinction: Unlike some results where PAT growth is driven by tax adjustments or one-off income, CPPL's improvement is visible at the gross profit and operating profit levels – a genuine operational improvement. 💰 Key Takeaways Strengths: - Revenue up 16% – steady top-line growth - Gross profit up 84% – exceptional margin recovery - Gross margin improved from 7.9% to 12.5% - Operating profit up 66% – strong operating leverage - PAT up 83% – outstanding bottom-line growth - EPS up 83% to Rs. 13.26 - Finance cost declined 17% - Total dividend of Rs. 4.00 per share - Trade receivables actually improved by 8.5% - Equity strengthened to Rs. 9.78 billion Concerns: - Inventory increased 50% to Rs. 4.57 billion – significant cash tie-up - Operating cash flow turned negative – Rs. 49.9 million outflow - Heavy capex of Rs. 1.76 billion – substantial investment - Long-term debt up 61% to Rs. 3.32 billion - Short-term borrowing up 175% to Rs. 1.75 billion - Cash position deteriorated significantly - Other income declined 30%