The net profit of Indus Motor Company (IMC) has significantly decreased for the nine months that ended on March 31, 2023, by 62%.
The vehicle maker reported financial results on Wednesday, showing a profit after tax of Rs5.8 billion, a significant decrease from Rs15.3 billion in the same time the previous year.
Compared to EPS of Rs194.56 during the same time the previous year, earnings per share (EPS) for Jul-Mar FY23 came in at Rs74.35.
For the third quarter of the fiscal year 2022–23, the Pakistani Toyota automobile manufacturer declared a net profit of Rs3.2 billion. In comparison to Rs5.1 billion during the same period the year before, it represented a decline of 37%.
The EPS for the third quarter (Jan-Mar) was Rs40.92, which was a 37% decrease from Rs65.11 for the same period last year.
However, IMC fared well and had a 142% increase in profit from quarter to quarter (QoQ).
A third interim cash dividend of Rs24.40 per share was also declared by the automaker, bringing the total payout for the past nine months to Rs42.8 per share.
The result of fewer unit sales was a 29% YoY and 3% QoQ decline in net sales. In the third quarter of FY23, the company reported sales of 7,285 units, down from 18,495 units in the same quarter of FY22.
As a result of fewer bookings, the company’s other income decreased by 17% QoQ and 5% YoY in the third quarter to Rs3036 million.