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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Posted on: 2023-04-26T11:38:56+05:00
