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INDUS Motor shuts down plant amid supply chain disruption

INDU: Profitability decays by 74.18% YoY in 1HFY23
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January 31, 2023 (MLN): The Indus Motor Company Limited (INDU) has decided to completely shut down its Plant from February 1, 2023, to February 14, 2023, amid supply chain disruptions, a notice issued by the company to PSX on Tuesday showed.

To note, recently SBP in its circular advised commercial banks to facilitate the imports to specified sectors only, which does not include the auto sector.

The company and its vendors are facing major hurdles in the import of raw materials and receiving clearance for their consignments from commercial banks.

This has disrupted the entire supply chain and the vendors are unable to supply raw materials and components to the company.

Accordingly, the company has insufficient inventory levels and is unable to continue its production activities, the notification read.

Moreover, the company has also decided to start its production on a Single Shift basis from February 15, 2023, until further notice.

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Posted on: 2023-01-31T13:56:38+05:00