For the first quarter of 2024, Indus Motor Company Limited (PSX: INDU) recorded a noteworthy 38.3% year-over-year growth in profitability. Its profit after tax was Rs 4.45 billion [EPS: Rs 56.60], up from Rs 3.22 billion [EPS: Rs 40.92] in the same time the previous year (SPLY).
Alongside the interim cash dividend of Rs37.7 per share that has already been distributed, the business also announced an interim cash dividend of Rs34 per share in line with these results.
The company’s revenue dropped by 1.8% year over year to Rs47.32 billion from Rs48.2 billion in SPLY, while its cost of sales significantly decreased by 10.6%.
As a result, in Q1 2024, gross profit increased by an impressive 128.5% year over year to Rs 6.96 billion. As a result, gross margins increased significantly from 6.32% in SPLY to 14.70%.
Other income increased from Rs 3.04 billion in SPLY to Rs 4.11 billion in Q1 2024, a 35.3% year-over-year increase, during the study period.
Regarding spending, during the review period, other expenditures experienced a significant 63.7% year-over-year fall to Rs402.49 million, while administrative expenses declined by 10.3% year-over-year to Rs524.07 million.
In comparison to SPLY of Rs40.81 million, the company’s financing expenses decreased by 28.9% year over year to Rs29.01 million.
In terms of taxes, the company’s tax cost increased to Rs3.16 billion from Rs1.62 billion during the same time the previous year, signifying a noteworthy 94.7% annual rise.
