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Indus Motor Company reports profit of Rs3.22bn for Jan-Mar, 37% lower YoY

by News Publishing
April 26, 2023
in Business
Reading Time: 2 mins read
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Indus Motor Company reports profit of Rs3.22bn for Jan-Mar, 37% lower YoY
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Indus Motor Company (IMC), Pakistan’s Toyota vehicle assembler, declared a profit after tax (PAT) of Rs3.216 billion for the third quarter of fiscal year 2022-23, a 37% decline from Rs5.118 billion in the same time the previous year.

Earnings per share (EPS) were Rs40.92 as opposed to Rs65.11. On April 20, 2023, the board of directors met to examine the company’s financial and operational performance in the first nine months ended March 31, 2023.

In conjunction with the announcement, the firm issued an interim cash dividend of Rs24.4 per share. This is in addition to the interim cash dividend of Rs18.4 per share that was recently paid.

Indus Motor’s PAT increased by 142% on a quarterly basis.

“The increase in profit on a sequential basis can be attributed to an improvement in gross margins (+730bps QoQ), which resulted in an operating profit after two consecutive quarterly operating losses during FY23,” Arif Habib Limited (AHL) stated in a note.

“Indus Motor’s gross margins improved to 6.3% year on year.” This was unexpected, according to Muhammad Abrar, an investment analyst at AHL.

According to the expert, IMC was able to mitigate the impact of currency depreciation by dramatically raising the pricing of its vehicles.

“Higher profits are expected in the coming quarter as well, owing to an increase in car prices, while the company has also managed to reduce operating expenses,” the analyst noted.

The automaker’s revenue fell 29% from Rs68.22 billion last year to Rs48.12 billion in January-March 2023. “lower units sold as the company recorded sales of 7,285 units in 3QFY23 compared to 18,495 units in 3QFY22,” according to Topline Securities.

IMC earned Rs3.05 billion in gross profit during 3QFY23, compared to Rs5.23 billion during the same period last year.

Other income at the automaker fell 5% from Rs3.18 billion last year to Rs3.04 billion in 3QFY23. This was “mainly due to a decline in short-term investments, resulting in lower interest income,” according to AHL.

Auto sector woes

The country’s auto sector, which is heavily reliant on imports, has been severely harmed by the government’s decision to limit imports and restrict the issuance of Letters of Credit (LC). Furthermore, greater financing costs and a substantial increase in car prices have dampened customer demand.

According to figures published by the Pakistan Automotive Manufacturers Association (PAMA), Pakistan’s auto sector reported car sales of 9,211 units in March, 62% higher month on month but still 66% lower than the total in March 2022.

Pak Suzuki Motor Company Limited (PSMC) reported its highest-ever quarterly loss of Rs12.9 billion in the first three months of 2023 last week, owing to lower sales and higher financing costs.

Tags: Indus Motor CompanylatestToyota
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