Indus Motor profit jumps 48% in second quarter

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MG News | September 02, 2024 at 10:00 AM GMT+05:00

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September 02, 2024 (MLN): Indus Motor Company Limited (PSX: INDU) recorded an increase of 48.3% in its profitability in the second quarter of 2024, earning profit after tax of Rs5.67 billion [EPS: Rs72.09] compared to a profit of Rs3.82bn [EPS: Rs48.61] in the same period last year (SPLY).

Along with the results, the company announced a final cash dividend for the year ending June 2024 of Rs43 per share i.e. 430%. This is in addition to the combined interim dividend already paid at Rs71.7 per share.

Going by the unconsolidated results, the company's sales rose 27.1% to Rs54.25bn as compared to Rs42.68bn in SPLY.

However, the cost of sales also rose by 33.2%, worsening the gross profit slightly by 0.4% to Rs7.71bn in Q2 2024.

The gross margins fell to 14.2% as compared to 18.1% in SPLY.

During the period under review, other income increased by 67.7% to stand at Rs4.24bn in Q2 2024 as compared to Rs2.53bn in SPLY.

On the expense side, the company's administrative expenses rose 36.3% YoY to Rs928.87m, selling and distribution expenses rose 280.4% YoY to Rs1.98bn, and other operating expenses rose 297.6% YoY to Rs590.91m.

The company’s finance cost surged by 153.2% and stood at Rs78.97m as compared to Rs31.19m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs2.7bn against the Rs4.38bn paid in the corresponding period of last year, depicting a fall of 38.3%.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 54,248,745 42,677,894 27.11%
Cost of sales (46,543,309) (34,943,708) 33.20%
Gross Profit/ (loss) 7,705,436 7,734,186 -0.37%
Administrative Expenses (928,866) (681,603) 36.28%
Selling And Distribution Expenses (1,975,597) (519,399) 280.36%
Other Gains / (Losses) - (680,146) -
Other Income 4,235,063 2,526,186 67.65%
Other Operating Expenses (590,907) (148,605) 297.64%
Finance Cost (78,967) (31,190) 153.18%
Profit/ (loss) before taxation 8,366,162 8,199,429 2.03%
Taxation (2,700,172) (4,378,965) -38.34%
Net profit/ (loss) for the period 5,665,990 3,820,464 48.31%
Basic earnings/ (loss) per share 72.09 48.61 -

Amount in thousand except for EPS

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