Indus Motor reports 38% profit surge
Pakistan is seeing a massive growth in car sales, which amounted to 184,099 units in the 10 months of the ongoing fiscal year with Indus Motor’s share being 52,987. PHOTO: IMC
The Indus Motor Company (IMC) reported a profit of Rs4.45 billion for the third quarter ended March 31, 2024, marking a significant increase of 38% compared to the earnings of Rs3.22 billion recorded during the same period in the previous year. According to the company’s financial statement, the board of directors declared an interim cash dividend of Rs34 per share, supplementing the interim cash dividend of Rs37.7 per share that has already been distributed. The earnings per share for three quarters of FY24 stood at Rs56.61, reflecting a notable rise from earnings per share of Rs40.92 for the corresponding period.
In the nine months of FY24, IMC posted a gross profit of Rs6.96 billion, demonstrating a substantial growth of 14.7% compared to the loss of Rs3.05 billion reported for the corresponding period. However, the company’s revenue for the same period experienced a slight decline, amounting to Rs47.32 billion compared to Rs48.2 billion in FY-23, representing a decrease of approximately 2%.
During this period, the company’s administrative and operating expenses increased to Rs3.03 billion in the nine months of FY24, in contrast to Rs1.1 billion incurred during the same period in FY23. Additionally, the other income surged to Rs4.1 billion in 3QFY24 from Rs3.04 billion in 3QFY23, reflecting a growth of 35%.
For 3QFY24, IMC’s profit before tax reached Rs7.6 billion, witnessing a significant jump of 58% compared to the corresponding period figures of Rs4.8 billion. Moreover, the company’s taxation also saw a substantial increase, nearly doubling to Rs3.16 billion for the nine months of FY24 from Rs1.6 billion for the same period in FY23.
Published in The Express Tribune, April 30th, 2024.
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