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Business & Finance

Indus Motor expected to hike auto rates

  • IMC could increase car prices by 12-15% amid hike in freight charges and local currency devaluation, says report
Published March 18, 2022

Indus Motor Company (IMC) is expected to raise auto rates amid a recent hike in freight charges and ongoing local currency devaluation, according to brokerage house Topline Securities' latest report, released Friday.

As per the report, IMC is likely to increase car prices by 12%-15% and the decision to hike prices "will be taken no later than June 2022."

It is worth noting the Pakistani Rupee has devalued by over 12.5% against the US Dollar during the current fiscal year, and by 15.4% since its most-recent high, achieved on 14 May 2021.

The brokerage house also said IMC sales volume is expected to improve in FY22.

“We now expect IMC volumes to arrive at 71,000 in FY22 compared to our earlier projection of 61,000 units,” said the report.

It was of the view that the revision in volumetric sales is on the back of (1) 8MFY22 sales, where IMC sold 49.5k units, up by 38% YoY and (2) considering the current order book, which is full till the end of the FY22, as per the management.

The IMC is currently operating at a double shift capacity and will continue doing so due to the strong demand for vehicles, which evident from long waiting times.

“The waiting time for Corolla is four to five months while for Yaris it is around two months,” said the report.

11th generation Honda Civic: Official delivery time for two variants after 11 months

IMC manufactures Toyota brand vehicles in Pakistan, including Corolla, Yaris, Hilux and Fortuner.

As per IMC's latest financial statements, the company’s net sales turnover for the half-year ended on December 31, 2021 increased to Rs 135.18 billion, as compared to Rs 79.65 billion for the corresponding period last year. Profit after tax has increased to Rs 10.18 billion as against Rs 4.80 billion in the same period last year.

Net profit for the six months has increased mainly due to higher CKD and CBU volumes, and an increase in other income on account of an increase in customer advances.

IMC's market share in the overall market stood at approximately 20.4% for the half-year ended December 31, 2021.

Earlier in January, Pak Suzuki Motor Company (PSMC) increased prices across its passenger car line-up.

Comments

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Bilal Mar 18, 2022 07:27pm
Go to hell Indus motor
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Javed nazir Mar 19, 2022 11:02am
Some body stop this local car manufacturers mafia They have already done more than once on same plea Totally unfair
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Younas tanoli Mar 19, 2022 04:09pm
Auto industry in pak has became one of the big mafia ,whats ever they want they do regarding pricing ( with big envelop)
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Salman Shoaib Mar 20, 2022 11:59am
Jis ne inhay danda diya tha uski hukumat to jarahi hai. Abh yeh aisay hi najaiz increase se profit bnaenge.
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Imran Mar 20, 2022 04:08pm
@Salman Shoaib, jab sy ye govt ayi rate 100% increase ho chuky hn
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Imran Mar 20, 2022 04:09pm
Ye govt ayi toe rate 100% increase ho gye hn
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Imran Mar 20, 2022 04:10pm
Bus karo
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Qaisar Khan Mar 20, 2022 06:23pm
کیا نئی گاڑی کے بغیر زندگی ممکن نہیں ہے؟
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Kh usman saeed Mar 20, 2022 06:54pm
Yaris delivery time is not 2 months its more than 3 months dear company. For better increase in sales u should have to deliver the car in maximum 30 days.
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