INDU announced earnings (PAT) today for 4QFY24 at PKR 5.7bn (EPS: PKR 72.09), depicting an increase of 48% YoY (4QFY23 EPS: PKR 48.61). With this, FY24’s PAT settles at PKR 15.1bn (EPS: 191.76), up by 56% YoY (FY23: PKR 122.96). The company also announced a final cash dividend of PKR 43.0/share (PKR 114.7/share in FY24).

Result Highlights       

• Topline during FY24 clocked in at PKR 152.5bn in contrast to PKR 177.7bn in SPLY, depicting a decline of 14% YoY. On a quarterly basis, the topline witnessed an increase of 27% YoY on the back of 28% higher volumetric sales (4QFY24: 7,069 units compared to 4QFY23: 5,512 units) and the substantial contribution of the Corolla Cross to the sales mix.
• During FY24, the gross margin reached 12.7%, in contrast to 4.46% % during SPLY. This was mainly due to stable PKR USD parity, some easing in import restrictions, and the addition of the Corolla Cross, which benefited from reduced customs duties and sales tax.
• Distribution expense surged by 3.3x YoY, settling at PKR 5.5bn during FY24, attributable to increased marketing and distribution expenses.
• Other income declined by 4% YoY to PKR 13.7bn in FY24, mainly due to a decrease in short-term investments. However, on a quarterly basis, it increased by 68% YoY due to higher income from cash and cash equivalent.
• The company booked effective taxation at 32% in 4QFY24 vis-à-vis 57% in 4QFY23.