Karachi: Indus Motor Company Limited (INDU) recently unveiled its financial outcomes for FY24, reporting a significant 56% growth in earnings per share at Rs192, despite a downturn in unit sales to 20,770, the lowest since FY03. The improvement in profits primarily stems from reduced operational costs, thanks to a strengthening Pakistani Rupee and strategic advancements in product localization and sales strategies.

According to JS Global, Indus Motor’s financial performance this fiscal year has been notably bolstered by favorable exchange rates and an increase in localized production of their models, which ranges from 40% to 65% depending on the vehicle. The company also introduced the Corolla Cross in December 2023, contributing to a diverse product mix that led to a gross margin of 13%, a rise of 9 percentage points from the previous year.

The company has also started exporting to other Toyota affiliates, initially shipping about 50 units, alongside announcing a new investment of Rs1.1 billion for further localization of parts. This is in addition to a prior Rs3 billion investment declared in February 2024. This continued financial outlay aims to enhance INDU’s local production capabilities substantially by the third quarter of FY26.