Karachi: Indus Motor Company (IMC), assembler of Toyota vehicles in Pakistan reported profit-after-tax (PAT) of Rs 3.216 billion for third quarter of financial year 2022-23, decrease of 37 percent as compared with earnings of Rs 5.118 billion in same period of previous year.

Earnings per share (EPS) stood at Rs 40.92 compared with Rs 65.11. Board of directors reviewed company’s financial and operational performance in first nine months ended March 31, 2023.

Along with result, company declared an interim cash dividend of Rs 24.4 per share. This is in addition to already paid interim cash dividend of Rs 18.4 per share. On quarterly basis, PAT of Indus Motor was up by 142 percent.

“Increase in profit on sequential basis can be attributed to an improvement in gross margins (+730bps QoQ), which resulted in an operating profit after two consecutive quarterly operating losses during FY23,” said Arif Habib Limited in note.

“On QoQ basis gross margins of Indus Motor has improved to 6.3 percent. This was not expected,” Muhammad Abrar an investment analyst at AHL said.

Published in The Daily National Courier, April, 27 2023

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