Karachi: Indus Motor Company Limited (INDU) has reported a net profit after tax (PAT) of PKR 5.7 billion for the fourth quarter of fiscal year 2024 (4QFY24), representing a 48% year-over-year increase from PKR 3.8 billion in the same period last year. The earnings per share (EPS) rose to PKR 72.1, compared to PKR 48.6 in 4QFY23.

According to AKD Securities Limited, the company’s revenue for the quarter reached PKR 54.2 billion, a 27% increase from PKR 42.7 billion in 4QFY23. This revenue growth was primarily driven by a 28% year-over-year increase in sales volumes, totaling 7,069 units, largely due to the launch of the Corolla Cross.

The company’s gross margins for 4QFY24 stood at 14.2%, down from 18.1% in the same quarter last year. The previous year’s elevated gross margins were attributed to a one-off gain related to exchange impact on low-cost inventory.

Operating expenses saw a significant increase, rising by 4.3 times year-over-year, mainly due to higher transportation and distribution expenses, which were influenced by increased marketing efforts for the Corolla Cross and the rise in sales volumes.

Indus Motor also reported an increase in other income, which rose by 68% year-over-year to PKR 4.2 billion, primarily due to higher short-term investments resulting from increased customer advances.

For the full fiscal year 2024 (FY24), the company’s earnings accumulated to PKR 191.8 per share, up 56% from PKR 123.0 per share in FY23. The company also declared a final cash dividend of PKR 43.0 per share, bringing the total payout for FY24 to PKR 114.7 per share, reflecting a 60% year-over-year increase.

Additionally, Indus Motor announced an increase in its investment by PKR 1.1 billion, bringing the total investment to PKR 4.1 billion, aimed at further localization of parts and components.