Sunday, October 25, 2020

INDU earnings to drop by 17% YoY

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Indus Motor Company Limited (INDU) is scheduled to announce its financial result for 9MFY19 on 26th Apr’19, analysts expect profitability during the 9MFY19 to decrease by 10% YoY to PKR 10,478mn (EPS: PKR 133.31) against PKR 11,636mn (EPS: PKR 148.04).

Topline is expected to witness a growth of 17% YoY to PKR 117.3bn attributable to volumetric growth of 7% to 49,566 units vs. 46,427 units in 9MFY18 coupled with average increase of 12-17% in prices across all variants.

On a sequential basis, analysts project the company to post earnings of PKR 3,566mn (EPS: PKR 45.37) depicting a drop of 17% YoY and increase of 5% QoQ.

Topline is expected to grow by 11% YoY owing to higher sales of Corolla (up by 16% YoY to 15,039 units) while Hilux and Fortuner volumes plunged by 50% YoY and 31% YoY (sales units during 3QFY19 up by 4% YoY to 16,935 vs 16,293 in SPLY).

Moreover, the analysts expect margins to deteriorate by 455bps to 12.9% YoY owing to depreciation of PKR against USD by 25% YoY and JPY against USD by 2% YoY resulting in decline in gross margins.

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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