May 6, 2020 (MLN): Indus Motor Company Limited (INDU) recently held its Corporate Briefing Session, wherein the management of the company discussed the latest financial results as well as other matters affecting the business.
According to Topline Securities, the company’s volumetric sales took a significant hit during the month of April, owing to lockdown restrictions imposed by the Government to contain the spread of COVID-19. Resultantly, the company’s dealers did not operate during this period, which is said to have contributed to the declining sales.
However, the management said that the company is most likely to resume manufacturing operations after the month of Ramadan.
Shedding some light on the launch of Toyota Yaris, the management said that the lockdown had impacted the marketing and promotional events, which also resulted in the cancellation of the launch event. However, the booking of Yaris, despite the minimal promotion and marketing, exceeded management’s expectations for the two days before the lockdown started.
The management also made it clear that there shall be no cannibalization of Corolla Variants with the launch of Yaris, as it believed that both belonged to different car segments.
Owing to the dismal performance of the company along with other auto players, the management informed that it had requested the Government to eliminate Custom Duties on imports under SRO 655 and 656, and Federal Excise Duty on vehicles.
