Indus Motor-9MFY12 Review
Indus Motor reported a PAT of PKR 2.8bn (EPS: PKR 36.82) during the nine months of FY12 as against PAT of PKR 1.6bn (EPS: PKR 20.39) in the corresponding period last year, registering an increase of over 81% YoY. The 3QFY12 profits came in at PKR 1.12bln (EPS: PKR 14.35) as against PAT of PKR 695mn (EPS: PKR 8.84) during 3QFY11 rising by 62% YoY.
Hilux and corolla support revenue growth
Sales revenue during 9MFY12 increased by 19% YoY reaching PKR 53.93bn. The increase in sales revenue is attributable to the rise in sales of Hilux and corolla. During the nine months of FY12 the car sales increased by 3.6%YoY, with 41% YoY rise in sales of Toyota Hilux, which more than offsets the 31.6% YoY decline in sales of Cuore during the same period. Sales units of corolla experienced a rise of 6.41% YoY during 9MFY12 reaching 32814 units as compared to 30,820 units sold in 9MFY11.
Rising prices and declining finance costs propels margins
Gross margins during July-March FY12 jumped to 7.90% as compared to 5.47% in the same period last year; owing to increase in YoY price increase of Corolla, Hilux and Cuore by 8.10%, 12% and 9.2% respectively. Net margins rose to 5.37% during 9MFY12 as compared to 3.54% during 9MFY11 on the back of rising other income which rose by 21% YoY, while decline in financial charges was by 19% YoY during the nine months of FY12.
(Taurus)
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