KARACHI: Indus Motor Company Limited has reported a remarkable 195% increase in net profit, reaching Rs5.42 billion for the quarter ended September 30, 2021, compared to Rs1.84 billion during the same period last year.
This significant growth underscores the company’s strong performance despite challenging economic conditions.
According to the financial results shared with the Pakistan Stock Exchange (PSX), Indus Motor announced Earnings Per Share (EPS) of Rs69.02 for the quarter, a substantial rise from Rs23.48 reported in the corresponding quarter of the previous year.
The company’s board of directors, in a meeting held on October 25, 2021, approved these impressive results. Additionally, the board declared an interim cash dividend of Rs34.5 per share, equivalent to 345% of the face value, rewarding shareholders for the company’s exceptional performance.
The revenue for Indus Motor surged to Rs65.55 billion for the quarter, marking a significant increase from Rs34.19 billion recorded in the same quarter last year. This impressive growth is attributed to higher sales volumes and improved operational efficiencies.
Gross profit for Indus Motor climbed to Rs7.07 billion, compared to Rs2.29 billion in the prior year, highlighting the company’s effective cost management strategies and robust market demand for its products.
However, the company also experienced a rise in total expenses, which increased to Rs941 million for the quarter, up from Rs551 million in the corresponding period last year. This rise in expenses reflects higher operational costs and inflationary pressures.
Indus Motor paid Rs2.26 billion in taxes for the quarter, a significant jump from the Rs800 million paid in the same period last year. This increase aligns with the company’s higher profitability and the government’s taxation policies.
The performance of Indus Motor during this quarter reflects its resilience and strategic focus on growth and profitability. The company’s ability to significantly boost its revenue and net profit demonstrates its robust market position and effective management practices.
With continued investments in innovation and operational efficiency, Indus Motor remains optimistic about sustaining its growth trajectory in the coming quarters.