February 19, 2020 (PPI-OT)

INDU: EPS declines 71% YoY to Rs12.54

Indus Motor Company (INDU) announced 1HFY20 results today. The company declared EPS of Rs29.32, a 67% YoY decline from last year (effectively two-thirds of last year's profitability wiped off), along with an interim dividend of Rs6.0/share. During 2QFY20, EPS declined by 71% YoY to Rs12.54, even lower than already low expectations, primarily on the back of lower-than-expected revenues and gross margins averaging 8.0% for the quarter vs. expectations of 9.5%. Distribution costs were lower than expected, but otherwise most other P and L items were generally in line.

© Pakistan Press International, source Asianet-Pakistan