Indus Motors Company Limited (PSX: INDU) announced its financial result for 9MFY24 today, posting a profit after tax of Rs. 9.4 billion, up by 61 percent YoY.
During 3QFY24, the net profit of the company clocked in at Rs. 4.4 billion compared to Rs. 3.2 billion in 3QFY23, up by 38 percent YoY.
Along with the result, the company announced a cash dividend of Rs. 34 per share.
Net sales during 9MFY24 clocked in at Rs. 98.2 billion in contrast to Rs. 135 billion in SPLY, depicting a decline of 27 percent YoY.
On a quarterly basis, the sales witnessed a dip of 2 percent YoY. On a sequential basis, the revenue swelled up by 159 percent QoQ amid 2.4x QoQ increase in sales volumes, which is attributable to the new-year effect and launch of Corolla Cross, Arif Habib Limited said in a brief review.
During 9MFY24 gross margin arrived at 11.9 percent, in contrast to 0.15 percent during SPLY mainly due to a stable PKR USD parity and an increase in overall car prices. On a quarterly basis, the gross margins settled a
t 14.7 percent during 3QFY24 compared to 6.30 percent in SPLY, due to the aforementioned reason.
Distribution expense surged by 5.6x YoY settling at Rs. 2.5 billion during 3QFY24, which is attributable to an upsurge in marketing and distribution expenses associated with the Corolla Cross, AHL added.
Other income declined by 19 percent YoY to clock in at Rs. 9.42 billion in 9MFY24, which is mainly because of decrease in short-term investments. While, on a quarterly basis, it increased by 35 percent YoY, due to higher income from cash and cash equivalent.
The company booked effective taxation at 42 percent in 3QFY24 vis-à-vis 34 percent in 3QFY23.
INDU posted earnings per share (EPS) of Rs. 71.7 for the nine-month period, compared to an EPS of Rs. 42.8 in 9MFY23.
At the time of filing, INDU’s scrip at the bourse was Rs. 1,620, up 1.85 percent or Rs. 29.46 with a turnover of 1,965 shares on Monday.
Source: Pro Pakistani