Karachi – October 28, 2024: Indus Motor Company Limited (“the Company”), announced its financial results for the Quarter ended September 30, 2024.
The Company’s net sales turnover for the quarter ended September 30, 2024, increased by 27% to Rs. 41.6 billion, as compared to Rs. 32.6 billion in the same period last year, due to increase in sales volumes of CKD units. This growth was driven by a slight recovery in demand and the successful launch of the Toyota Yaris with minor model change
During the quarter, the Company managed to increase Profit After Tax (PAT) by 58%, to Rs.5.091 billion, as against Rs. 3.216 billion in the same period last year. This increase was mainly attributable to the reduction in input material costs on account of positive exchange rate movement, cost reduction measures and additional localization of parts. Moreover, increase in other income contributed towards the positive results, mainly on account of higher fund size and return on investments.
Ali Asghar Jamali, Chief Executive Officer of IMC, stated, “This quarter has seen economic progress in improving the trade balance, current account deficit and curbing inflation as we approach the year-end. However, challenges remain due to high taxes and duties that continue to drive up vehicle prices, underscoring the need for reforms to enhance affordability for consumers. We urge the government to lift restrictions on auto financing, lower financing rates, and rationalize vehicle duties and taxes. These measures will improve government revenue, generate employment and facilitate greater localization of parts and components, thereby saving foreign exchange.”
The Earnings Per Share (EPS) of the company for the quarter ended Sept 30, 2024, is Rs. 64.77 in comparison to Rs. 40.91 reported in the same period last year. The Board of Directors are pleased to declare a first interim cash dividend of Rs. 39 per share for the quarter.
The Company’s net sales turnover for the quarter ended September 30, 2024, increased by 27% to Rs. 41.6 billion, as compared to Rs. 32.6 billion in the same period last year, due to increase in sales volumes of CKD units. This growth was driven by a slight recovery in demand and the successful launch of the Toyota Yaris with minor model change
During the quarter, the Company managed to increase Profit After Tax (PAT) by 58%, to Rs.5.091 billion, as against Rs. 3.216 billion in the same period last year. This increase was mainly attributable to the reduction in input material costs on account of positive exchange rate movement, cost reduction measures and additional localization of parts. Moreover, increase in other income contributed towards the positive results, mainly on account of higher fund size and return on investments.
Ali Asghar Jamali, Chief Executive Officer of IMC, stated, “This quarter has seen economic progress in improving the trade balance, current account deficit and curbing inflation as we approach the year-end. However, challenges remain due to high taxes and duties that continue to drive up vehicle prices, underscoring the need for reforms to enhance affordability for consumers. We urge the government to lift restrictions on auto financing, lower financing rates, and rationalize vehicle duties and taxes. These measures will improve government revenue, generate employment and facilitate greater localization of parts and components, thereby saving foreign exchange.”
The Earnings Per Share (EPS) of the company for the quarter ended Sept 30, 2024, is Rs. 64.77 in comparison to Rs. 40.91 reported in the same period last year. The Board of Directors are pleased to declare a first interim cash dividend of Rs. 39 per share for the quarter.
