Toyota Indus Motor Company Limited (PSX: INDU) announced its earnings (PAT) today for 1QFY25 at Rs. 5.1 billion (EPS: Rs. 64.77), reflecting a 58 percent increase YoY (1QFY24 EPS: Rs. 40.91).
The company also declared a cash dividend of Rs. 39.0 per share.
During the first quarter of FY25, net sales reached Rs. 41.6 billion, up 27% year over year from Rs. 32.6 billion in the same period last year (SPLY). According to Arif Habib Limited, this increase was driven by higher volumetric sales, which rose to 6,160 units in 1QFY25 compared to 4,511 units in SPLY. However, revenue declined by 23% sequentially due to lower volumetric sales (4QFY24: 7,069 units) and a 16-day plant downtime during the quarter.
Gross margins for 1QFY25 were recorded at 13.4 percent, up from 10.1 percent YoY, primarily due to a stable PKR-USD parity and improved margins on the Corolla Cross. On a sequential basis, gross margins saw a slight decline due to a shift in the sales mix, with a higher proportion of sedan models like the Corolla and Yaris being sold compared to the Corolla Cross during the quarter.
Other income rose 58 percent YoY to Rs. 4.5 billion in 1QFY25, driven by higher cash and cash equivalents and short-term investments.
Finance costs increased by 98 percent YoY to Rs. 62 million in 1QFY25, primarily due to a rise in short-term borrowings.
The company reported an effective tax rate of 39 percent in 1QFY25, compared to 35 percent in SPLY.
