Indus Motor posts 58% in profitability for the first quarter

The maker of Toyota cars in Pakistan, Indus Motor Company has posted a 58% growth in net earnings due to higher volumetric sales and other income.

According to a stock filing, Indus recorded a net profit of PKR 5.09 billion ($18.2 million) translating into EPS of 64.77 for the quarter ended September 30, 2024, compared with the profit of PKR 3.21 billion and EPS of 40.91. The company also declared interim dividend of PKR 39/share.

Sales revenue increased 27% to PKR 41.6 billion during the quarter, mainly due to increase in volumetric sales. The company sold 6,160 units in the first quarter of the current fiscal year compared to 4,511 units in the same period last year.

Indus Motor also recorded a 58% jump in other income to PKR 4.45 billion due to short-term investments.

According to a report issued by Arif Habib Limited, gross margins for the quarter are recorded at 13.4%, up from 10.1% last year, primarily due to a stable PKR-USD parity and better margins on the Corolla Cross.