Earnings Report /
Pakistan

Indus Motors: 4QFY21 review – Earnings beat due to higher-than-expected gross margins

  • INDU announced an EPS of PKR56.15 for 4QFY21, significantly beating our expectations, and a final DPS of PKR36.5

  • GMs climbed 3ppt qoq to 12.3% despite the 12% qoq decline in volumetric sales, much higher than our estimate of 9.4%

  • We have a Buy stance on INDU with June 2021 TP of PKR1,625/sh

Abdul Ghani Mianoor
Intermarket Securities
27 August 2021