Earnings Report /

Indus Motors: 4QFY22 review – earnings plunge on dismal gross margin

  • INDU posted 4QFY22 EPS of PKR6.48, down a sharp c.90% YoY, significantly lower than our expectations due to dismal GMs

  • GMs declined 11.1ppt YoY, owing to sharp PKR depreciation, elevated commodity prices and lagged price hikes, in our view

  • We currently have a Buy stance on INDU with a target price of PKR1,416/sh

Abdul Ghani Mianoor
Intermarket Securities
30 August 2022


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