Indus Motor Company posts profit of Rs3.22bn in July-September, 148% higher YoY

Indus Motor Company (IMC) reported on Friday a profit of Rs3.22 billion for the quarter ended September 30, 2023, an increase of nearly 148% when compared with earnings of Rs1.3 billion in the same period of the previous year.

Earnings per share (EPS) stood at Rs40.91 in 1QFY24 compared with EPS of Rs16.5 in 1QFY23.

The board of directors also declared a cash dividend of Rs24.5 i.e. 245%.

During 1QFY24, the auto assembler posted revenue of Rs32.67 billion as compared to Rs37.25 billion in the same period of the previous year, a decline of 12%.

The company managed to post a gross profit of Rs3.3 billion in 1QFY24, as compared to the loss of Rs2.36 billion registered in same period last year.

The company saw its other income reduce 45%, from Rs5.16 billion in 1QFY23 to Rs2.82 billion in 1QFY24.

Meanwhile, Indus Motor’s finance cost increased to Rs31.12 million in 1QFY24, compared to Rs19.3 million in 1QFY23, an increase of over 61%.

During 1QFY24, the company paid Rs1.7 billion in taxation, as compared to Rs541.8 million in 1QFY23.

Days ago, the automaker announced a cut in its car prices by up to Rs1.31 million from October 24. The company said it has passed on the impact of the rupee’s recent appreciation against the US dollar to its customers.