Due to rapid growth in net sales and other revenue, the profit of Indus Motor Company increased over 200% to Rs. 2.96 billion in the quarter ended December 31, 2020.
According to a notice sent to the Pakistan Stock Exchange on Friday, the car maker had made a profit of Rs 985.8 million in the same period last year. Earnings per share of the company for October to December 2020 stood at Rs. 37.60 which was Rs. 12.54 in the same quarter of 2019.
Along with the results, the company declared the share for the first half of the financial year 2020-21. As a provisional cash profit of Rs. 25 per share, bringing the total to Rs.37 per share. Net sales increased by 106%. As they went up from Rs22.1 billion in October-December 2019 to Rs45.5 billion in OctoberDecember 2020.
Arsalan Hanif, an analyst at Arif Habib Limited, said the increase in the top line was mainly due to a 93 per cent increase in car sales in 2QFY21 (14,424 units compared to 7,468 units in 2QFY20).