Indus Motor Company (INDU) has announced its financial results for the fourth quarter of FY24, showcasing a robust performance. The company’s net profit for the increased to Rs. 5.7 billion, translating to an EPS of Rs. 72.08, up 48% YoY, aligning with industry expectations.

This took the FY24 earnings to Rs. 15.1 billion compared to the FY23 profit of Rs. 9.7 billion, up 56 percent YoY.

Indus Motor declared a final cash dividend of Rs. 43 per share, bringing the total payout for FY24 to Rs. 114.7 per share.

Net sales surged by 27% YoY and 15% quarter-on-quarter (QoQ) to Rs. 54.2 billion in 4QFY24, driven by an increase in units sold, which reached 7,069 units compared to 6,503 units in the previous quarter and 5,512 units in the same quarter last year.

Despite the positive sales growth, gross margins slightly declined to 14.2% in 4QFY24 from 18.1% in 4QFY23, primarily due to car price reductions towards the end of 3QFY24. Gross profits remained stable at Rs. 7.7 billion for the quarter.

On a YoY basis, Gross Profits remained flat at Rs. 7.7 billion in 4QFY24.

Distribution expenses saw a significant increase of 281% YoY but decreased by 21% QoQ to Rs. 2 billion. Administrative expenses also rose by 36% YoY and 77% QoQ to Rs. 929 million. Other income increased by 68% YoY to Rs. 4.2 billion in 4QFY24, although it marked a 4% decline for the full fiscal year.

The effective tax rate for the quarter was 32%, a decrease from 42% in the previous quarter and 57% in 4QFY23.