Indus Motor profit jumps 48% in second quarter

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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