Indus Motor Company (IMC) reported on Monday a profit of Rs4.45 billion for the three-month ended March 31, 2024, an increase of 38% when compared with earnings of Rs3.22 billion in the same period of the previous year.

The rise in profit comes despite lower revenue during the period.

As per the latest consolidated financial statements available at the Pakistan Stock Exchange (PSX), the automaker’s earnings per share (EPS) stood at Rs56.61 in 3QFY24 compared with an EPS of Rs40.92 in 3QFY23.

The board of directors also declared an interim cash dividend of Rs34 per share i.e. 340%. This is in addition to the interim cash dividend of Rs37.7 per share i.e. 377%, already paid.

During 3QFY24, the auto assembler posted revenue of Rs47.32 billion as compared to Rs48.2 billion in the same period of the previous year, a decline of nearly 2%.

Indus Motor posts 89% higher profit of Rs4.96bn in 1HFY24

However, despite lower revenue, the company managed to post a gross profit of Rs6.96 billion in 3QFY24, as compared to the loss of Rs3.05 billion registered in same period last year, largely due to the lower cost of sales.

This translated into a profit margin of 14.7% in 3QFY24, as compared to 6.3% in SPLY.

During the period, the company saw its administrative and operating expenses rise to Rs3.03 billion in 3QFY24, as compared to Rs1.1 billion in the previous year.

The company saw its other income increase 35%, from Rs3.04 billion in 3QFY23 to Rs4.1 billion in 3QFY24.

Indus Motor’s finance cost decreased to Rs29 million in 3QFY24, compared to Rs40.8 million in 3QFY23.

Consequently, the automaker’s profit before tax clocked in at Rs7.6 billion in 3QFY24, as compared to Rs4.8 billion in SPLY, a jump of over 58%.

During 3QFY24, the company paid Rs3.16 billion in taxation, as compared to Rs1.6 billion in 3QFY23.