Indus Motor Company Limited on Monday announced 74 per cent decline in after tax profit for the first half of fiscal year 2022-2023.
(more…)Tag: Indus Motors
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Price, specs of Toyota Fortuner in Pakistan
Toyota Fortuner was launched in Pakistan in February 2013. The SUV is manufactured by Toyota Motor Corporation.
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Toyota cars production completely halted in Pakistan
Indus Motors Company – the producers of Toyota cars in Pakistan – on Tuesday announced to completely shut down its plants from February 01, 2023 due to shortage of raw material.
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Indus Motors shifts burden of dollar hike on customers
Indus Motor Company (IMC) has announced to increase the price of Toyota cars on account of significant fall in Pakistani Rupee (PKR).
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Price, specs of Toyota Prius in Pakistan
Toyota Prius fourth-generation was launched in 2015 globally. The car is manufactured by Toyota Motors.
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Toyota increases prices in Pakistan from January 13, 2023
Toyota has announced increased prices of its cars in Pakistan, which are applicable on the bookings after January 12, 2023.
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Price, specs of Land Cruiser 300 in Pakistan
The Land Cruiser 300 ZX was globally launched on August 02, 2022. The car is locally manufactured by Indus Motor Company Limited.
The ex-factory price of Land Cruiser 300 ZX is Rs109,399,000 as on December 23, 2022. The SUV is available in colors including Super White, White Pearl, Precious White Pearl, Dark Red Mica Metallic, Dark Blue Mica, Silver Me, Grey Metallic, Black, Avant-Garde Bronze Metallic and Attitude Black.
Toyota Land Cruiser 300 ZX is powered by a 3.3L twin turbo V6 engine that has 227 kW of power (at 4000 rpm) and 700 Nm of torque (at 1600 rpm) through 10 speed automated transmission.
The car carries a frame with optimally positioned high-tensile steel and aluminum body panels, which increase rigidity, and reduce weight for improved off-road stability and strength and stable on road handling and ride comfort.
The steering system features an electric steering actuator that enhances steering feel and maneuverability during low speed driving. The front and rear suspension system delivers high off-road performance and on-road handling stability as well as riding comfort.
The car features Multi-terrain Select with Auto mode. This feature enables the driver to drive the SUV on all kinds of road surfaces. To address the road surface and provide optimal traction, the system selects from five different modes when the transfer range is in H4, and from four different modes when in L4.
Furthermore, by selecting auto mode, the vehicle estimates current driving surface based on information from various sensors, and optimizes driving force and suspension controls.
The SUV contains front difference lock. In addition to the rear differential lock, there is a new front differential lock. On the rough roads, when one wheel is lifted off the ground, the system distributes driving force optimally to the grounded tire. This improves escape performance.
The car also features crawl control function. This feature helps provide optimal throttle and brake control, maintaining a constant low speed to support safe, sure driving on sand, dirt rock , snow, mud, steep grades or other surfaces that require fine accelerator control.
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Price, specs of Toyota Yaris 2022 in Pakistan
Toyota Yaris 2022 was launched in Pakistan on March 15, 2020. The car is locally manufactured by Indus Motor Company Limited (IMC).
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Some car assemblers, manufacturers may exit Pakistan
KARACHI: Some car assemblers/manufacturers may exit Pakistan market because the automotive industry is facing immense difficulties.
Indus Motors in a management briefing informed that automobile sector faces unforeseen external challenges due to unprecedented rupee devaluation and import restrictions by SBP. “That said, some players may exit from the market,” according to Topline Securities quoted as saying.
READ MORE: Pakistan car sales plunge 50% in 1QFY23
Indus Motors (INDU) conducted its Corporate Briefing Session (CBS) today to discuss the first quarter of the current fiscal year financial results and company outlook.
INDU is currently running at production capacity of 40-50 per cent due to SBP restrictions and management don’t see restriction to ease soon.
At current production level, INDU’s order book is filled for next 3 months. The orders can be delivered in 4-5 weeks if restriction eases.
READ MORE: Pakistan car sales plummet by 50% on import restriction
Furthermore, floods wreaking havoc along with higher inflation and low purchasing power of consumers will have a negative impact on demand of the entire auto sector in upcoming periods.
The auto financing is down from 35 per cent to just 10 per cent due to higher interest rates and reduction in financing tenure.
Management informed that localization rate in value terms for Yaris and Corolla is 65 per cent after deduction of 39 per cent taxes and duties.
READ MORE: Pakistan car sales drop 59% in July 2022
With regards to recently announced refund policy, management informed that around 400-500 clients cancelled their booking and got their cash back along with interest amount.
Investment plan of US$100mn for local production of HEV vehicles is on track; where company is expected to launch its variant by end of next year in 2023.
Pakistan car sales down 51 per cent YoY to 47,178 units in 1QFY23 out of which INDU car sales clocked in at 8,994 units, down 52 per cent YoY. Used car imports clocked in at 1,039 units in 1QFY23.
READ MORE: Pakistan car sales surge 54 per cent in FY22
Net sales in 1QFY23 down 43 per cent to Rs37bn from Rs66bn in 1QFY22 due to lower production on account of limited imports allowed by SBP thereby forcing the company to observe regular shutdowns during the quarter. Similarly profit after tax also down by 76 per cent YoY to Rs1.3bn from Rs5.4bn primarily due to gross loss.
INDU recorded gross loss of 6 per cent in 1QFY23 compared to gross profit of 11 per cent in 1QFY22 due to rupee devaluation against US dollar, increased freight charges and higher commodity prices. The management indicated the there would also be loss in 2QFY23 however the quantum would be lower compared to 1QFY23.
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Indus Motors to increase car prices to pass cost impact
KARACHI: Indus Motors, the maker of Toyota cars in Pakistan, is likely to increase prices to pass on the cost impact to consumers.
The company management said in corporate briefing session on Tuesday.
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Regarding car prices, management informed that company has to increase price to pass cost impact to consumers as current car prices are not sustainable at exchange rate of over Rs230. They highlighted, current car prices are set at dollar rate of around Rs210-215, according to analysts at Topline Securities.
The company conducted the briefing to discuss its FY22 financial results and company outlook.
Company expect at-least 40 per cent decline in volumetric sales in FY23 amid higher car prices, hike in interest rates, strict auto financing rules, recent floods and restriction on Completely CKD imports.
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To note, INDU is currently running at production capacity of around 40 per cent-45 per cent, the analysts added.
To note, at the current production level i.e. 40-45 per cent, INDU’s order book is filled for next 4 months.
Pakistan car sales increased by 51 per cent YoY to 379,350 units in FY22 out of which INDU car sales clocked in at 75,611 units, up 31 per cent YoY. Used car imports clocked in at 28,122 units in FY22, up from 21,239 units in FY21.
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Management stated that higher FED and Sales Tax from Jan-2022 along with 1 per cent CVT on 1300cc+ from Jul-2022 and increase in Advance Income Tax has also led to higher vehicle prices.
With regards to recently announced refund policy, management informed that around 800-1,000 clients cancelled their booking and got their cash back along with interest amount.
Investment plan of US$100 million for local production of HEV vehicles is on track; where company is expected to launch its variant next year in 2023.
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Net sales in FY22 increased by 54 per cent to Rs276 billion from Rs179 billion in FY21 while profit after tax only increased by 23 per cent YoY to Rs15.8 billion from Rs12.8 billion due to rupee devaluation against US dollar and imposition of super tax.
Gross margins declined to 6.7 per cent in FY22 from 9.3 per cent in FY21 primarily on account of rupee devaluation against US dollar, increased freight charges and higher commodity prices.
To note, these are lowest margins in last 10-Years. Management highlighted that gross margins will remain depressed in FY23.