INDU: Profitability drops by 62% YoY in 9MFY23

MG News | April 26, 2023 at 11:38 AM GMT+05:00

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April 26, 2023 (MLN): Automaker, Indus Motors Company Limited (INDU) on Wednesday reported net profits of Rs5.82 billion [EPS: Rs74.35] during 9MFY23, down by a 62% YoY against Rs15,29bn [Rs194.56] net profits in the same period last year.

The financial result was accompanied by a cash dividend for the quarter at Rs24.40 per share i.e., 244%. This is in addition to the interim cash dividend of Rs18.4 per share i.e., 184% already paid.

During the period under review, the top line witnessed a 34% YoY decrease to Rs135bn mainly due to the import ban which created a shortage of CKD, etc.

Simultaneously, the cost of sales dropped by 27.45% YoY has also decline that forced the gross margin to slump by 14 ppt in 9MFY23 compared to 8.63% in 9MFY22.

On the expense side, INDU’s distribution expenses decreased by 6% YoY to Rs1.17bn whereas, the admin cost moved up by 5.33% during the period under review.

Notably, the company posted a 50.71% YoY rise in other income to Rs11.65bn in 9MFY23.

On the tax front, the effective tax rate has jumped to 32% as compared to 27.8% in 9MFY22.

Financial results for the nine months ended March 31, 2023 ('000 Rupees)
	Mar-23	Mar-22	% Change
Revenue from contracts with customers	135,032,743	203,407,342	-33.61%
Cost of sales	134,835,759	185,839,697	-27.45%
Gross profit	196,984	17,567,645	-98.88%
Distribution expenses	1,171,369	1,246,245	-6.01%
Administrative expenses	1,599,617	1,518,714	5.33%
Other operating expenses	196,424	79,205	147.99%
Workers' Profit Participation Fund and Workers' Welfare Fund	175,465	1,187,987	-85.23%
Other income	11,653,195	7,732,248	50.71%
Finance cost	109,535	75,834	44.44%
Profit before taxation	8,597,769	21,191,908	-59.43%
Taxation	2,753,804	5,899,409	-53.32%
Profit after taxation	5,843,965	15,292,499	-61.79%
Earnings per share - basic and diluted (Rupees)	74.35	194.56	-61.79%

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