Earnings Report /
Pakistan

Indus Motors: 1QFY22 review – good result; other income beats estimate

  • INDU announced an EPS of PKR69.02 for 1QFY22, beating our expectations, along with an interim DPS of PKR34.5

  • GMs declined by 1.5ppt qoq to 10.8% amid sharp PKR/USD depreciation, despite c.30% qoq rise in volumes

  • INDU is our top pick in the sector, where we have a Buy stance a with June 2022 TP of PKR1,500/sh

Abdul Ghani Mianoor
Intermarket Securities
26 October 2021