The financial results of Toyota Indus Motor Company (IMC) for the fiscal year that concluded on June 30, 2022, have been released. The Indus Motor Company Ltd. (IMC) Board of Directors gathered on August 30, 2022, to discuss the Company’s operations and financial results for the fiscal year that ended on June 30, 2021.
In comparison to a profit of Rs. 12.82 billion during the same period the previous year, the company’s profit for the year was Rs. 15.80 billion, up 23.24 percent. The business also disclosed a cash dividend of Rs. 3.25 per share along with the results.
The earnings during the most recent quarter, however, took a severe hit, declining by 90% QoQ and 88% YoY. Lower gross margins and higher taxes as a result of the super tax’s implementation were the main causes of the profit’s drastic decline.
Indus Motors reported a 4QFY22 effective tax of 88%, illustrating the significant impact of super tax on the business.
Net sales revenue for the company was Rs. 275.50 billion, up 54% from Rs. 179.16 billion the previous year. Sales rose as a result of repeated price hikes during the year and a rise in volumetric sales (Corolla and Yaris up 30%, Fortuner and Hilux up 70%).
A staggering 58.22 percent rise in the cost of sales was observed. It was estimated to be worth 257 billion rupees as opposed to 162 billion.
However, due to increased inflation, a sharp increase in the price of imported raw materials (particularly steel prices), as well as currency devaluation, gross margins rapidly decreased to 6.68 percent in FY22 from 9.3 percent in FY21.
Due to a bigger cash balance from an increase in order intake, the company’s other income climbed by 132% during the year to Rs. 12.93 billion from Rs. 5.79 billion. From Rs. 163.21 to Rs. 201.04, the company’s earnings per share grew.
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