Indus Motor Ltd, has disclosed a 39% drop in profit after tax, reporting PKR 9.66 billion for the fiscal year ending June 30, 2023.
Indus Motor Ltd 39% drops in Profit
This result is significantly lower than the PKR 15.80 billion profit after tax recorded the previous year.
On Monday, the company’s financial reports were revealed to the Pakistan Stock Exchange (PSX), demonstrating a significant difference in performance across fiscal years.
Performance across FY
Earnings per share (EPS) dropped to PKR 122.96 for the fiscal year ending June 30, 2023, from PKR 201.04 the previous year.
On August 25, 2023, the board of directors of Indus Motor met and proposed a final cash dividend of PKR 29 per share for the fiscal year ending June 30, 2023.
This dividend is in addition to the combined interim cash dividend of PKR 42.80 per share that was recently paid.
As a result, the total dividend for fiscal year 2022-23 will be PKR 71.80 per share.
Company’s Financial Report
According to the company’s financial report, revenue for the fiscal year under review was PKR 177.71 billion.
A significant fall from PKR 275.50 billion the previous year. Similarly, sales costs fell to PKR 169.78 Bn from PKR 257.10 Bn.
Resulting in a significant drop in gross profit to PKR 7.93 billion for fiscal year 2022-23, down from PKR 18.40 billion the previous fiscal year.
Distribution, administrative, and other expenses were recorded at PKR 4.49 billion for the fiscal year ended June 30, 2023, compared to PKR 4.53 billion the previous year.
However, net profit from operations and other income increased, reaching PKR 14.18 billion for the fiscal year under review, up from PKR 12.93 billion the previous year.
Indus Motor Company Limited also paid PKR 7.13 billion in income tax for the fiscal year ended June 30, 2023, a drop from the previous fiscal year’s PKR 9.65 billion.
For the fiscal year 2022-23, these financial figures highlight the challenges and developments that Indus Motor Company Limited faced in the automotive sector.
To read our blog on “Toyota production will be halted for 11 days by Indus Motors,” click here