Indus Motor Company Ltd has witnessed 26 percent growth in its profit after tax in FY 15, earned Rs 11.5 billion as against Rs 9.1 billion made during preceding year. This was discussed during Board of Directors meeting held to review the company's financial and operating performance for the year ended June 30, 2016.
A final dividend of Rs 40 per share has been proposed during meeting, which makes the total payment of Rs 100 per share as compared to Rs 80.00 per share paid to the shareholders last year. According to the official statement, a generally favourable operating environment enabled the company to post phenomenal results, with gross sales revenue of Rs 131 billion, up 13% compared to Rs 116 billion for FY 2015, while profit after tax grew 26% to Rs 11.5 billion from Rs 9.1 billion last year.
The increase in earnings is mainly attributable to an additional sales volume of 7,197 units, improvement in operational efficiencies and tighter control over fixed costs. The combined sales of Toyota CKD and CBU vehicles registered a growth of 13% to 64,584 units, compared to 57,387 units sold last year. The sales volume achieved during the year is a new record and resulted in 30% market share for FY 2015-16. The company also set a new production record of 64,096 units compared to 56,888 units achieved last year.
In Passenger Car category, the Corolla sales grew by 12%, to 57,452 units compared to 51,398 units sold last year, all time high volume given the first full year of new model launch. The combined sales of Hilux in Light Commercial Vehicle category grew by 23%, to 5,923 units compared to 4,823 units sold last year. However, due to influx of imported used SUVs enjoying extraordinary duty & tax concessions, the demand for locally manufactured Toyota Fortuner remained restricted to 602 units compared to 722 units sold last year.