Karachi September 11 2022: Indus Motor Limited that sells Toyota cars in Pakistan holds PKR 147.7 billion in cash and short term investments, according to company's filing to the exchange.
Company's advances from customers and dealers increases more than double to PKR 111.9 billion in a year from PKR 51.2 billion a year ago.
A top player in Pakistan’s automobile industry, Indus Motor Company has outperformed in FY 2021-2022 by achieving sales of 75,611 units. During the year ended June 30, 2022, the sales volume of CKD and CBU vehicles increased by 30.97%, to 75,611 units as against 57,731 units sold last year. The Company produced 72,438 units for the year, as compared to 59,187 units produced in the same period last year.
This was remarkable achievement made possible by marketing efforts and the trust and confidence of customers in the Toyota brand. Moreover, Corolla performance has remained strong while Corolla 1.6L Special Edition was launched on the remarkable milestone of 50 million sales globally. Furthermore, despite the tough competition from new entrants, Yaris maintained its strong position in the segment and through aggressive marketing activities, Yaris has become the most preferred brand by younger audiences. Additionally, with the launch of two iconic variants of Fortuner and Revo, the IMV series has shown a strong growth in the respective segments.
Due to an overwhelming demand, IMC continued its double-shift production during FY 2021-2022 and also increased the capacity by reducing commercial vehicle takt time, removing bottlenecks to meet the demand of its customers. During the year, the entire auto sector faced a serious challenge of ECU shortage. However, effective supply chain management and proactive planning by IMC helped in maintaining inventory to continue production. This year, IMC specifically focused on digitalization so as to improve interaction and provide convenient accessibility, which encouraged a smart buying experience and also ensured safety of customers.
The digitalization move included such smart initiatives as the Toyota Smart Purchase, Pakistan’s first ever end-toend online booking and payment portal and the Toyota Smart Finance, a one-stop solution for all auto financing needs.
The net sales turnover for the year ended June 30, 2022, increased by 53.74 % to Rs. 275.5 billion as compared to Rs. 179.2 billion in the last fiscal year, while profit after tax for the year also increased to Rs. 15.8 billion, as against Rs. 12.8 billion achieved in the same period last year. The increase in turnover and profitability for the year was mainly due to higher CKD and CBU sales volumes, primarily due to improved economic conditions especially in the first half of the Financial Year and healthy demand of Toyota vehicles from customers. The profitability also increased on account of increase in other income, which is mainly due to return on placements on account of significant increase in funds, received as advances from customers.
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