Indus Motor Q1 2024 profit soars 38% YoY to Rs4.45bn

MG News | April 29, 2024 at 09:58 AM GMT+05:00

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April 29, 2024 (MLN): Indus Motor Company Limited (PSX: INDU) recorded an increase of 38.3% YoY in its profitability in the first three months of 2024, clocking in its profit after tax at Rs4.45 billion [EPS: Rs56.60], compared to a profit of Rs3.22bn [EPS: Rs40.92] in the same period last year (SPLY).

Along with the results, the company announced an interim cash dividend of Rs34 per share.

This is in addition to the interim cash dividend of Rs37.7 per share already paid.

Going by the results, the company's revenue fell slightly by 1.8% YoY to Rs47.32bn as compared to Rs48.2bn in SPLY.

However, the cost of sales also fell 10.6% YoY, which improved the gross profit by 128.5% YoY to Rs6.96bn in Q1 2024.

The gross margins improved significantly to 14.70% as compared to 6.32% in SPLY.

During the review period, other income increased by 35.3% YoY to stand at Rs4.11bn in Q1 2024 as compared to Rs3.04bn in SPLY.

On the expense side, the company observed a decrease in administrative expenses by 10.3% YoY and other expenses by 63.7% YoY to clock in at Rs524.07m and Rs402.49m respectively during the review period.

The company’s finance cost contracted by 28.9% YoY and stood at Rs29.01m as compared to Rs40.81m in SPLY.

On the tax front, the company paid a higher tax worth Rs3.16bn against the Rs1.62bn paid in the corresponding period of last year, depicting an increase of 94.7% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	47,321,844	48,199,211	-1.82%
Cost of sales	(40,363,531)	(45,154,048)	-10.61%
Gross Profit/ (loss)	6,958,313	3,045,163	128.50%
Administrative Expenses	(524,070)	(584,494)	-10.34%
Selling And Distribution Expenses	(2,502,526)	(448,559)	457.90%
Other Income	4,105,719	3,035,673	35.25%
Other Operating Expenses	(402,487)	(245,872)	63.70%
Finance Cost	(29,009)	(40,810)	-28.92%
Profit/ (loss) before taxation	7,605,940	4,837,834	57.22%
Taxation	(3,156,553)	(1,621,382)	94.68%
Net profit/ (loss) for the period	4,449,387	3,216,452	38.33%
Basic earnings/ (loss) per share	56.61	40.92	-

Amount in thousand except for EPS

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