IMC Witness 200% Increase in Profits

Indus Motor Company (IMC) the makers of Toyota cars in Pakistan have announced its financial results for the second quarter that ended on 31st December 2020 of FY21. The company witnessed a staggering increase of 200% in profits with Rs 2.95 billion from Rs 985.75 million made in the same period last year, thanks to a surge in sales.

The earnings per share (EPS) for the quarter turned out Rs 37.6 compared to Rs 12.54 recorded in the same period last year. Sales revenue during the period increased 106% to Rs 45.45 billion from Rs 22.05 billion in the corresponding period last year.

IMC witnessed a resounding 93% increase in sales of its vehicles during Q2-FY21 with 14,424 units compared to 7,468 units sold during the same period in previous year. And during the first 6 months of this fiscal year, net sales increased by 85% to Rs 79.6 billion rendering a volumetric growth of 84% to 26,139 units (Yaris 12,845 units, Corolla 8,427 units, Fortuner 1,247 units, Hilux 3,620 units) compared to 14,175 units (Corolla 11,742 units, Fortuner 552 units, Hilux 1,881 units) in H1-FY20.

Commenting on this, the CEO of IMC Ali Asghar Jamali said:

“Overall, the automobile industry is clearly bouncing back. The economic upturn following the gloom and despair hovering over the auto industry during the COVID-19 lockdown owes itself to the government’s timely decision to ease the lockdown and introduction of favorable policies. Reduction in interest rates has been another factor that led to an increase in auto financing, bolstering the consumer confidence.”

Toyota holds a nearly 25% share of local market and is currently the second bestselling car brand in Pakistan behind Suzuki. Toyota’s Yaris subcompact sedan which was introduced last year was quick to become the second highest selling local assembled car trailing Alto while the Corolla is the third bestselling model as far as the individual sales are concerned. The company is in process of launching the refreshed Toyota Hilux and Fortuner followed by the imported Corolla Cross hybrid which is expected to hit the market next month.

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