In FY 2020-21, Toyota Indus Motors reported a massive 152 percent increase in profits.

The financial figures for the fiscal year ending June 30th, 2021, have been released by Toyota Indus Motor Company (IMC).

On August 26, 2021, the "Board of Directors of Indus Motor Company Ltd." (IMC) met to discuss the company's financial and operational performance for the fiscal year ended June 30, 2021.

The business made a profit of Rs. 12.82 billion during the year, an increase of 152 percent over the previous year's profit of Rs. 5.1 billion. In addition to the result, the firm declared a cash dividend of Rs. 12 per share.

The Company posted net sales revenue of Rs. 179.2 billion, a 108% increase compared to Rs. 86.2 billion last year.

CKD and CBU car sales rose by 100 percent this year, reaching 57,731 units, which is up from 28,837 units sold the previous year. As a result of increasing demand, the Company produced 59,187 units for the year. In comparison, 28,519 units had been manufactured during the same time the previous year.

According to the company's official statement, the increase in turnover and profitability for the year was primarily due to higher CKD and CBU volumes, primarily due to improved economic conditions and healthy demand generated by the launch of facelift models of the Corolla, Hilux, and Fortuner, as well as broader acceptance of the Toyota Yaris, the year's best-selling sedan.

Profitability rose due to an increase in other income, mainly owing to return on placements as a result of the Company's better fund position.

Ali Asghar Jamali, the company's CEO, said, "Alhamdolillah, we have had a very good year despite the frequent challenges arising owing to COVID-19 pandemic. We have not compromised on work standards and continue to maintain the high quality of our vehicles, following the kaizen philosophy of continuous improvement, and diligently practicing the ‘Toyota Way’ throughout our operations. This helped the Company to achieve consistent levels of excellence. "

He continued, "Since its inception, IMC has supported the Government’s ‘Make in Pakistan’ initiative. We really appreciate the Government’s measures to reduce Federal Excise Duty and Additional Custom Duty. The decrease in duties and taxes resulted in a reduction in the prices of vehicles in July 2021, which will eventually boost the industry to continue the positive momentum. We would request the Government to consider a reduction in FED on Double Cabin 4×4 LCVs, as well. Additionally, the Government’s consistent effort to promote the local automotive industry in the Hybrid sub-sector is noteworthy. Its intent to locally develop Hybrid Electric Vehicles (HEVs), Plug-in Hybrids (PHEVs) and Battery Electric Vehicles (BEVs) to mitigate climate change and reduce dependency on oil imports is appreciated."

Source: toyota-indus