Indus Motors announces 152% growth in annual profit

Indus Motors announces 152% growth in annual profit

KARACHI: Indus Motor Company Limited on Friday announced 152 per cent increase in profit after tax for the year 2020/2021.

The company declared Rs12.83 billion as profit after tax for the year 2020/2021 as compared with Rs5.08 billion in the preceding year.

The company declared Rs163.21 as earnings per share for the year under review as compared with EPS Rs64.66 of the last year.

Indus Motors announced Rs103.50 as dividend per share for the year as compared with Rs30 in the preceding year.

According to analysts at Arif Habib Limited, Net sales of the company increased by 108 per cent YoY to Rs179 billion in FY21 attributable to volumetric growth of 102 per cent YoY to 57,236 units (Yaris 28,295 units, Corolla 18,355 units, Fortuner 3,543 units, Hilux 7,043 units) vs. 28,378 units (Corolla 22,140 units, Yaris 1,327 units, Fortuner 1,163 units, Hilux 3,748 units) in FY20.

Revenue during 4QFY21 increased by 364 per cent YoY to Rs 48 billion. This is primarily owing to surge in sale of cars by 373 per cent YoY during 4QFY21 (14,566 vs. 3,078 units).

Gross margins settled at 12.28 per cent in the quarter, up by 307bps QoQ due to appreciation of Rs against green back.

Other income increased by 94 per cent YoY to Rs 1,686 million on account of significant jump in short term investment (government securities), and cash and bank balance.

Effective tax rate during 4QFY21 was set at 30.75 per cent in contrast to 47.32 per cent in 4QFY20.

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