Islamabad, Sep 2: During the 4QFY24, Indus Motor Company (INDU) reported a profit of Rs. 5.7 billion, up 48% YoY from Rs. 3.8 billion during the same period the previous year.
With this, FY24 earnings are up 56% YoY to Rs. 15.1 billion from FY23 profit of Rs. 9.7 billion.
A final cash dividend of Rs. 43 per share was issued by INDU, bringing the total payout for FY24 to Rs. 114.7 per share.
According to Topline Securities, net sales increased by 25% YoY and 15% QoQ to Rs. 54.2 billion in 4QFY24. This gain was mostly due to a rise in units sold, which increased to 7,069 in 4QFY24 from 6,503 in 3QFY24 and 5,512 in 4QFY23.
For 4QFY24, gross margins were 14.2 percent, which was little less than anticipated. Compared to 18.1 percent in 4QFY23 and 14.7 percent in 3QFY24, this indicates a decline. The fall in car prices towards the end of 3QFY24 was the main cause of the decline in gross margin.
Gross Profits in 4QFY24 were flat year over year at Rs. 7.7 billion.
Distribution costs reached Rs2 billion in 4QFY24, up 281 percent YoY but down 21 percent QoQ. In the meantime, administrative costs rose to Rs. 929 million in 4QFY24, up 36% YoY and 77% QoQ.
In 4QFY24, other income reached Rs. 4.2 billion, up 68 percent YoY and 3 percent QoQ. Nonetheless, other income for FY24 was Rs. 13.7 billion, a 4% YoY decrease.
In comparison to 42 percent in 3QFY24 and 57 percent in 4QFY23, the effective tax rate for 4QFY24 was 32 percent.
For 4QFY24, INDU reported earnings per share (EPS) of Rs. 72.09, and for FY24, EPS of Rs. 191.76.
The auto-assembler’s share price on the exchange was Rs. 1,779.99 at the time of filing, up 3.33 percent or Rs. 57.4 with 588 shares on Monday.
