INDU: Profitability drops by 62% YoY in 9MFY23

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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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