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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Posted on: 2024-09-02T10:00:46+05:00
