Revenue Analysis

1) Net Sales(Million) 2018 2019 2020

Toyota 139,716 157,996 86,167
Honda 91,523 95,128 55,046

Net Sales Revenue

157,996
160,000 139,716
140,000

120,000
91,523 95,128
86,167
Rs in million

100,000

80,000
55,046
60,000

40,000

20,000

-
2018 2019 2020

2) Sale Unit(Thousands) 2018 2019 2020

Toyota 64,000 66,211 28,837
Honda 50,100 48,608 22,729

Sales Unit Analysis

70,000
64,000 66,211

60,000

50,000
50,100 48,608
40,000
28,837
30,000

20,000 22,729
10,000

-
2018 2019 2020

Toyota Honda

Toyota Toyota
Rs in Billion PKR
 Rs in Billion PKR
2018 2019 2020 2018 2019
Sales 140 158 86 92 95
CGS 116 139 79 81 88
Gross Profit 24 19 7 10 7

Profitability Analysis

3) Gross Profit % 2018 2019 2020

Toyota 17.1 12.1 8.6
Honda 11.4 7.7 7.4

Gr oss Pr ofi t R ati o %

2018 2019 2020
17.1
18.0
16.0
14.0 12.1
11.4
12.0
8.6
10.0 7.7 7.4
8.0
6.0
4.0
2.0
-
Toyota Honda

4) Operating Profit % 2018 2019 2020

Toyota 16.5 12.1 8.6
Honda 10.4 5.9 4.1

Operati ng Profi t %
18.0 16.5
16.0
14.0
12.1
12.0 10.4
10.0 8.6
8.0
5.9
6.0
4.1
4.0
2.0
-
2018 2019 2020

Toyota Honda
 8.6
8.0
5.9
6.0
4.1
4.0
2.0
-
2018 2019 2020

Toyota Honda

5) Net Profit % 2018 2019 2020

Toyota 11.3 8.7 5.9
Honda 7.1 4.0 1.2

Net Profi t Rati o %

12.0 11.3

10.0
8.7
%

8.0 7.1
5.9
6.0
4.0
4.0

2.0 1.2

-
2018 2019 2020

Toyota Honda

Liquidity Ratios

Current Ratio 2018 2019 2020

Toyota 1.7 2.1 1.6
Honda 1.3 1.9 1.8

Current Rati o
2.5
2.1
1.9
2.0 1.8
1.7 1.6

1.5 1.3

1.0

0.5

-
2018 2019 2020
 Quick Ratio 2018 2019 2020
Toyota 1.4 1.5 1.2
Honda 1.1 1.2 1.0

Quick Rati o
1.0
2020
1.2

1.2
2019
1.5

1.1
2018
1.4

- 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6

Toyota Honda

Turnover Ratios

Inventory Turnover Ratio 2018 2019 2020

Toyota 12.2 11.2 5.3
Honda 11.0 10.8 4.8

Inventory Turnover Ratio

14.0
12.2
12.0 11.0 11.2
10.8
10.0

8.0
Times

6.0 5.3
4.8
4.0

2.0

-
2018 2019 2020

Total Assets Turnover Ratio 2018 2019 2020

Toyota 1.7 2.4 1.1
Honda 1.6 3.0 1.7

Total Assets Turnover Rati o

3.5

3.0

2.5

2.0
Times

1.5 3.0
2.4
1.0
1.7 1.6 1.7
0.5 1.1

-
2018 2019 2020

Debtors Collection Period 2018 2019 2020

Toyota 4.8 5.9 4.8
Honda 0.4 4.3 5.8
Debtors Collecti on Period
7.0
5.9 5.8
6.0

5.0 4.8 4.8

4.3
4.0
Days

3.0

2.0

1.0
0.4
-
2018 2019 2020

Toyota Honda

Working Capital Ratio 2018 2019 2020

Toyota 4.8 5.9 3.4
Honda 7.6 7.7 4.7

Working Capital Rati o

9.0
8.0
7.0
6.0
 Working Capital Rati o
9.0
8.0
7.0
6.0
5.0
Times

4.0 7.6 7.7

3.0 5.9
4.8 4.7
2.0
3.4
1.0
-
2018 2019 2020

Solvency Ratios

Interest Cover Ratio 2018 2019 2020

Toyota 288 284 86
Honda 646 500 3

Interest Cover Rati o

3
2020
86

500
2019
284

646
2018
288

- 100 200 300 400 500 600 700

Debt to Equity Ratio 2018 2019 2020

Toyota - 0.00 0.01
Honda - - -
Debt to Equity Rati o
0.01

0.01 0.01
0.01

0.01
times

0.01

0.00
 0.01

0.01 0.01
0.01

0.01

times
0.01

0.00

0.00 0.00

- - - -
2018 2019 2020

Toyota Honda

Investors Ratios

Earnings Per Share Ratio 2018 2019 2020

Toyota 201 174 65
Honda 46 27 5
EPS Rati o
250

200 201
174
150 Toyota
Honda
Rs

100

65
50 46
27
- 5
2017.5 2018 2018.5 2019 2019.5 2020 2020.5

Price Earning Ratio 2018 2019 2020

Toyota 7 7 15
Honda 10 9 28

Return on Investment(ROI) 2018 2019 2020

Toyota 43 34 12
Honda 38 22 4

ROI %
Toyota Honda
43
45 38
40
34
 ROI %
Toyota Honda
43
45 38
40
35 34
30
25
22
20
15
10 12
5
- 4
2018
2019
2020

Return on Investment(ROI) 2018 2019 2020

Toyota 65 174 201
Honda - - -
Toyota
2020
55
51
4
 TOYOTA INDUS MOTORS PAKIS
Rs in million
Parameters 2020
Net Sales 86,167
CGS 78,716
Gross Profit 7,451
Operating expense 3,283
Othe Income 3,205
Operating profit 7,373
Finance cost 86
Taxation 7,227
Net Profit 5,082
Dividends 2,358

Fixed assets 16,661

Inventory 16,411
Trade Debtors 1,142
Cash & bank 1,171
Total assets 80,279
Current assets 63,618
Current liabilites 38,599
Working capital 25,019
Short term loan 24,534
Long term loan 479
Equity 41,169
Market Price per Share 995
No of Shares 7,860

FINANCIAL ANALYSIS
1) Profitability Ratios: Formulas
Gross Profit Ratio Gross profit/Net Sales*100 % 8.6
Operating Profit Ratio Operating profit/Net Sales*100 % 8.6
Net Profit Ratio Net profit/Net Sales*100 % 5.9
2) Liquidity Ratios
Current Ratio Current assets/current liabilites Times 1.6
Quick Ratio Current assets-inventory/current liabilites Times 1.2
Cash Ratio Cash & Cash Equivalents/current liabilites Times 0.03

3) Turnover/Activity Ratios
Stock Turnover Ratio Sales/Average Inventory Times 5
No of Days Stock Days
Total Assets Turnover Ratio Net Sales/Total Asset Times 1
Fixed Asset Turnover Ratio
Debtors Collection Period Receivables/Net Sales x 365 Days Days 4.8
Working capital Ratio Sales/Current assets-current liabilites Times 3.4

4) Investors Ratios
Earning Per Share (EPS) Net Profit/No of Shares*100 Rs 64.7
Price Earning Ratio (P/E) Share Price/EPS Times 15.4
Dividend Payout Ratio Dividend/Net Profit % 46.4
Return on Investment(ROI) Net Profit/Equity % 12.3

5) Solvancy Ratios
Interest Cover Ratio EBIT/Interest Times 85.73
Debt to Equity Ratio Total Debt/Total Equity Times 0.01

517.18

508,200
TOYOTA INDUS MOTORS PAKISTAN HONDA ATLAS MOTORS PAKISTAN
Rs in million Rs in million
2019 2018 2020 2019 2018
157,996 139,716 55,046 95,128 91,523
138,805 115,831 50,955 87,824 81,074
19,191 23,885 4,091 7,304 10,449
4,456 4,707 2,455 3,013 2,839
4,307 3,901 638.8 1313.52 1883.025 4.445124 9.93527095854142 9.713158
19,042 23,079 2,275 5,605 9,493
67 80 727 11 15 4,082

13,714 15,772 682 3,852 6,494

9,039 11,004 143 1,735 3,846

13,925 7,384 5,240 5,805 5,566

14,104 11,452 11,463 8,840 8,347 11,463 2,307
2,548 1,453 869 1,123 92 16.36
3,282 2,201 1,522 - 10,993
64,783 81,927 31,842 32,101 58,809
50,858 74,543 26,602 26,296 53,242
24,175 45,156 14,810 14,010 41,195
26,683 29,387 11,792 12,286 12,047
7,930 27,491 2,332 - -
81 - - - -
40,045 36,744 16,557 17,627 17,073
1,204 1,421 133 240 477
7,860 7,860 1,428 1,428 1,428

12.1 17.1 7.4 7.7 11.4

12.1 16.5 4.1 5.9 10.4
8.7 11.3 1.2 4.0 7.1
 2.1 1.7 1.8 1.9 1.3
1.5 1.4 1.0 1.2 1.1
0.14 0.05 0.10 - 0.27

11 12 5 11 11
###

2 2 2 3 2
10.51 16.39 16.44
5.9 3.8 5.76 4.31 0.37
5.9 4.8 4.7 7.7 7.6
28.2978723404255

174.5 200.7 4.8 27.0 45.5

6.9 7.1 27.7 8.9 10.5 27.7 8.9
65.9 69.8 21.0 45.0 59.2
34.2 42.9 4 22 38.0 Net Profit/Equity 4

284 288 3 500.42 646 ROI NET Profit/equity

0.00 - - - - 4 682/equity

2728

4.77 539 /no of share*100

112.9979 11299.79

4.77 5000

1048.218
 37.9 26.5
12.62969 8.842281
 10.5

22.2 43.1

NET Profit/equity
682/equity
 Chart Title
50

40

30

20

10

0
2018 2019 2020

-10

-20

Toyota Honda Suzuki

 ROI %
50

43

40
38

34

30

22

20 Toyota
Honda
Percentage

Suzuki
12

10

5
4

0
2018 2019 2020

-5

-10
-11

-20
Strengths
·         Market leader position and
Brand recognition.
·         Global presence and Wide
Production operations.
·         Extensive R&D and star product
Opportunities
·         Automobile potentials and
growth.
·         Ecological and sustainable
products.
Weakness
·         Product recalls
·         Lack of product for middle
class consumers.
·         High cost of manufacturing.
·         Long term and short term loan.
Threats
·         Aggressive competitions and
Threats of new player.
·         Currency fluctuations and
inflation rates
 TOYOTA IMC HONDA Atlas
PKR Billion
2018 2019 2020 2018 2019 2020
Sales turnover 140 158 86 92 95 55
Gross profit 24 19 7 10 7 4
Total operating expe 5 4 3 3 3 2
Other income 4 4 3 2 1 1
Finance cost 0.08 0.07 0.09 0 0 0.73
Taxation 7 5 2 3 2 1
Net Profit W/O Incom 11.9 9.4 1.9 4.6 2.5 0.0
Net Profit with Incom 15.8 13.7 5.2 6.5 3.9 0.68
NP Ratio % 11.3% 8.7% 6.0% 7.1% 4.0% 1.2%

TOYOTA IMC HONDA Atlas

PKR Billion
2018 2019 2020 2018 2019 2020
Current assets 75 51 64 53 26 27
Current liabilities 45 24 39 41 14 15 37 47
Current ratio 1.7 2.1 1.6 1.3 1.9 1.8 24 39

TOYOTA IMC HONDA Atlas

PKR Billion
2018 2019 2020 Total 2018 2019 2020 Total
Current assets 75 51 64 189 53 26 27 106 63 37 -26
Inventory 11 14 16 42 8 9 11 29 45 24 -41.744
Current liabilities 45 24 39 108 41 14 15 70 -21
Quick or Acid test rat 1.4 1.5 1.2 1.4 1.1 1.2 1.0 1.1 -46.667

25.8
TOYOTA IMC HONDA Atlas Pak Suzuki
PKR Billion
2018 2019 2020 Total 2018 2019 2020 Total 2018 2019 2020 Total
Net Profit 15.8 13.7 5.1 34.6 6.5 3.9 0.7 11.0 1.3 (2.9) (1.6) (3.22)
shareholder equity 37 40 41 118 17 18 17 51 24 26 29 80
ROI % 43 34 12 29 38 22 4 22 5 -11 -5 -4

1428
45
0.045
37
TOYOTA IMC HONDA Atlas 13.7
PKR Billion
2018 2019 2020 2018 2019 2020 37
Net Profit 15.8 13.7 5.1 6.5 3.9 0.7
No of Shares 7.9 7.9 7.9 1 1 1
EPS Rs 201 174 65 455 270 48
 TOYOTA IMC HONDA Atlas
PKR Rs
2018 2019 2020 2018 2019 2020 4270
Share Price 1,421 1,204 995 477 240 133
EPS 201 174 65 46 27 5
P/E Ratio 7.1 6.9 15.4 10.5 8.9 27.7

TOYOTA IMC HONDA Atlas

PKR Billion
2018 2019 2020 2018 2019 2020
Short Term Loan 27 8 25 0 0 2.332
Long Term Loan - 0.1 0.48 - - -
Operating Profit 23 19 7 9 6 2
Interest 0.08 0.07 0.09 0.01 0.01 0.7
Interest Cover (Times 288 284 86 646 500 3
 10 28
14 60

17 15

2018 2019 2020

Toyota 43 34 12
Honda 38 22 4
Suzuki 5 -11 -5

0.37027
 TOYOTA INDUS MOTORS PAKISTAN
STATEMENT OF POFIT AND LOSS ACCOUNT
2020 2019 2018
Particulars .----------Amount in million---------.
Net Sales Revenue 86,167 157,996 139,716
Cost of Goods Sold 78,716 138,805 115,831
Gross Profit 7,451 19,191 23,885
Distibution costs 1,469 1,404 1,284
Administrative expense 1,385 1,410 1,524
Other operating expense 197 236 194
WPPF & WWF 232 1,406 1,705
Total Operating expense 3,283 4,456 4,707
Other Income 3,205 4,307 3,901
Operating Profit 7,373 19,042 23,079
Finance cost 86 67 80
Profit befor taxation 7,287 18,975 22,999
Taxation 2,205 5,261 7,227
Net Profit 5,082 13,714 15,772

Others Information
Vehicle Sales Unit 28837 66211 64000
Vehicle Production Unit 28519 65346 62886
Manpowers 2855 3349 3266
 2020 vs 2019 2019 vs 2018 2020 vs 2019 2019 vs 2018
.---------Increase/(Decrease)--------.
.--------------------%------------------.
-71829 18280 -45 13
-60089 22974 -43 20
-11740 -4694 -61 (20)
65 120 5 9
-25 -114 -2 (7)
-39 42 -17 22
-1174 -299 -83 (18) 992 (872) (2,600)
-1173 -251 -26 (5)
-1102 406 -26 10
-11669 -4037 -61 (17)
19 -13 28 (16)
-11688 -4024 -62 (17)
-3056 -1966 -58 (27)
-8632 -2058 -63 (13)

-37374 2211 -56 3

-36827 2460 -56 4
 HONDA ATLAS MOTORS PAKISTAN
STATEMENT OF POFIT AND LOSS ACCOUNT
2020 2019 2018
.----------Amount in million---------.
Net Sales Revenue 55,046 95,128 91,523
Cost of Goods Sold 50,955 87,824 81,074
Gross Profit 4,091 7,304 10,449
Distibution costs 668 932 917
Administrative expense 739 800 678
Other operating expense 1,049 1,281 1,245
Total Operating expense 2,455 3,013 2,839
Other Income 639 1,314 1,883
Operating Profit 2,275 5,605 9,493
Finance cost 727 11 15
Profit befor taxation 1,547 5,594 9,478
Taxation 865 1,742 2,984
Net Profit 682 3,852 6,494

Others Information
Vehicle Sales Unit 22,729 48,608 50,100
Vehicle Production Unit 22,418 48,648 50,177
Manpowers 1,483 2,284 2,278
 2020 vs 2019 2019 vs 2018 2020 vs 2019 2019 vs 2018
.---------Increase/(Decrease)--------..--------------------%------------------.
-40082 3,605 (42) 4
-36869 6,750 (42) 8
-3213 (3,145) (44) (30)
-263.8 15 (28) 2
-61.2 122 (8) 18
-232.47 37 (18) 3
-557.47 174 (19) 6
-674.72 (570) (51) (30)
-3330.25 (3,888) (59) (41)
716.2 (4) 6,395 (24)
-4046.45 (3,885) (72) (41)
-876.6 (1,242) (50) (42)
-3169.85 (2,643) (82) (41)
 TOYOTA INDUS MOTORS PAKISTAN
STATEMENT OF FINANCIAL POSITION

2020 2019
.------------------------------------------Amount in milli
ASSETS
NON-CURRENT ASSETS

Property Plant & Equipment 16,502 13,805

Intangible 73 93
Long term loan and advances 12 16
Long term investment - -
Long term deposit 10 11
Deffered taxation 64 -
TOTAL NON-CURRENT ASSETS 16,661 13,925

CURRENT ASSETS

Store & spares 478 544

Stock-in-trade 15,933 13,560
Trade debts 1,142 2,548
Loan & advances 2,991 3,728
Short term prepayments 27 32
Accrued return 111 35
Other receivables 439 3,110
Short term investment 41,195 23,402
Taxation 131 617
Cash & bank balances 1,171 3,282
TOTAL CURRENT ASSETS 63,618 50,858

TOTAL ASSETS 80,279 64,783

EQUITY

Issued & Subscirbed Capital 786 786

Reserves 40383 39259
TOTAL EQUITY 41,169 40,045

NON-CURRENT AND CURRENT LIABILITES

Long Term Loan 479 81

Deffered taxation - 425
Deffered revenue 32 57
Trade Dividend & other paybles 14,065 16,245
Advances from customers 24,534 7,930
Taxation - -
TOTAL LIABILITES 39,110 24,738

TOTAL LIABILITES AND EQUITY 80,279 64,783

24.534 7.93
 2018 2017 2016
-----------------Amount in million---------------------------------------.

7,225 6258 4919

87 88 19
49 9 4
- 0 5006
9 9 10
14 74 199
7,384 6,438 10,157

301 204 154

11,151 9318 7785
1,453 759 1132
3,715 1653 1125
15 21 46
120 376 513
556 402 191
55,031 41488 33,696
- 0 0
2,201 3221 2738
74,543 57,442 47,380

81,927 63,880 57,537

786 786 786

35958 30411 26844
36,744 31,197 27,630

- 0 0
- 0 0
27 4 0
15,974 9683 10035 271 1.6965068
27,491 22189 19127 (19,561) -71.1542
1,691 807 745
45,183 32,683 29,907

81,927 63,880 57,537

16.604
209.3820933165
 HONDA ATLAS MOTORS PAKISTAN
STATEMENT OF FINANCIAL POSITION

2020
ASSETS .------------------------------------------Am
NON-CURRENT ASSETS
Property, plant and equipment 4,519
Intangible assets 289
Capital work-in-progress 97
Long term trade debts 117
Long term loans and advances 214
Long term deposits 4
Deferred taxation -
TOTAL NON-CURRENT ASSETS 5,240

CURRENT ASSETS
Stores and spares 194
Stock-in-trade 11,269
Trade debts 869
Loan, advances, prepayments and other receivables 8,654
Short term investments 4,053
Derivative financial instruments 42
Cash and bank balances 1,522
TOTAL CURRENT ASSETS 26,602

TOTAL ASSETS 31,842

EQUITY
Share Capital 1,428
Reserves 14,306
Revenue reserves unappropriated 823
TOTAL EQUITY 16,557
NON-CURRENT LIABILITES

Employee retirement benefits 187

Deferred taxation 271
Deferred revenue 16
TOTAL NON-CURRENT LIABILITIES 474

CURRENT LIABILITES
Current portion of deferred revenue 20
Short term loan from related party - unsecured 2,332
Accrued mark-up 76
Trade, dividend and other payables 12,382
Income tax payable 0
TOTAL CURRENT LIABILITES 14,810

TOTAL LIABILITES AND EQUITY 31,842

 2019 2018 2017 2016
-----------------------------------------Amount in million---------------------------------------.

4,906 4,992 4,402 2,512

216 305 373 71
123 76 199 1,198
209 - - -
347 189 107 82
4 4 4 4
- - - -
5,805 5,566 5,086 3,867

169 139 135 123

8,671 8,208 6,659 4,010
1,123 92 50.0 86
10,173 13,135 9,089 1,006
4,768 20,675 20,943 1,150 15,907
1,392 - - - 76.937001
- 10,993 9,536 5,963
26,296 53,242 46,412 12,338

32,101 58,809 51,497 16,205

1,428 1,428 1,428 1,428

12,306 9,706 5,506 2,956
3,893 5,939 6,131 3,557
17,627 17,073 13,065 7,941
 165 93 62 83
288 434 367 134
12 13 11 9
465 540 440 226

5 3 4 6
0 0 0 0
0.02 0.78 14 0.7
14,005 41,192 37,669 8,031
0 0 305 0
14,010 41,195 37,993 8,038

32,101 58,809 51,497 16,205

 Toyota Indus Motor Company
Five Years Financial Highlights

Financial Summary 2020 2019 2018 2017 2016

Profit & Loss

Net revenue Rs in million 157,996 139,715 111,943 108,759
Gross profit Rs in million 19,192 23,885 19,493 17,731
Profit before taxation Rs in million 18,976 22,999 19,141 17,397
Profit after taxation Rs in million 13,715 15,772 13,001 11,455
Dividends Rs in million 9,039 11,004 9,039 7,860

Financial Position
Share capital Rs in million 786 786 786 786
Reserves Rs in million 39,259 35,958 30,411 26,844
Fixed Assets Rs in million 13,898 7,311 6,345 4,938
Net current assets Rs in million 26,679 29,383 24,763 17,473
Long term liabilities Rs in million 559 23 4 -

Investor Information
Gross profit ratio % age 12.15 17.10 17.66 16.30
Net profit ratio % age 8.68 11.29 11.61 10.53
Earning per share Rs 174.49 200.66 165.41 145.74
Inventory turnover Times 11 11 11 13
Debt collection period Days 5 3 3 3
Average fixed assets turnover Times 14.90 22.89 19.90 21.47
Breakup value per share Rs 509.48 467.49 396.91 351.52
Market price per share
- as on June 30 Rs 1,203.92 1,421.46 1,793.60 939.54
- High value during the period Rs 1,589.90 1,980.00 2,110.00 1,313.00
- Low value during the period Rs 1,030.62 1,300.00 935.00 884.75
Price earning ratio Times 6.90 7.08 10.84 6.45
Dividend per share Rs 115.00 140.00 115.00 100.00
Dividend yield % age 9.55 9.85 6.41 10.64
Dividend payout % age 65.91 69.77 69.52 68.62
Dividend cover Times 1.52 1.43 1.44 1.46
Return on equity % age 34.25 42.92 41.67 41.46
Debt to equity Ratio 0:1 0:1 0:1 0:1
Current ratio Ratio 2.1:1 1.63:1 1.76:1 1.58 : 1

Other Information
Units sold Nos. 66,211 64,000 60,586 64,584
Units Produced Nos. 65,346 62,886 59,945 64,096
Manpower Nos. 3,349 3,266 2,849 2,765
Contribution to National Exchequer Rs in '000 52,307,841 48,843,141 38,959,490 37,325,754
Indus Motor Company (IMC), the firm that assembles and sells
Toyota cars and other vehicles in Pakistan, reported that yearly
profits fell 63% in fiscal year 2020 and COVID-19 is not the only
reason.

Car sales in the country were already dropping when the coronavirus
emerged and sent the country, just like the rest of the world, into
lockdown.

Interest rates were high at 13.25% before COVID-19, which made car
financing expensive for buyers, and research analysts say it has also
been one of the reasons for dropping car sales in the country.

But the biggest reason was significant rupee depreciation, which

forced car companies to increase car prices. Increasing car prices a
amid struggling economy reduced car buyers significantly.
“Reduced economic activity and high-interest rates hampered auto
sales during the year as total units sold decreased by 57% to 28,378
units
“Among compared to 65,399
all variants, units inCorolla
the Toyota financial
wasyear
the2019,” a BMA as the
most affected
Research
number ofnote unitssaid.
sold declined by 22,140 units compared to 56,720
IMC revenues
units in financialinto
in 2019, translating yeara decline
2020 declined to Rs86
of 61%,” billion. The
it noted.
company’s revenue stood at Rs158 billion in 2019. It showed a 45%
decline in annual sales.
Low sales during the year translated into a 63% decline in profits for
the company. The company earned Rs13.71 billion or Rs174.49 per
share in profits in 2019, which reduced to Rs5.08 billion or Rs64.66
In the fourth quarter (April, May and June 2020), the company
per share in 2020.
reported Rs98 million in profits as compared to Rs3.458 billion for the
same period last year, showing a decrease of 97% as the auto industry
failed to recordreported
The company sales ingross
Aprilloss
and (from
May only to recover
operations) butin Juneincome
other as the
country
The started
kept company
them togreen
result
in the return
wasforto normal
lower
the thanafter the COVID-19
industry
quarter.  lockdown.
expectations. According
to JS Global Capital, the net profit during the quarter is Rs1.25 per
share while under-performed
“The result it was expected that ourthe company would
expectations where report a profit of
the main
Rs6 per share.
deviation emanated from lower than estimated gross margins for the
quarter,” the BMA
The company Research report
has announced a cashread.
dividend of Rs7 per share, taking
the
“Wetotal
havepayout during
a neutral the on
stance financial yearas2020
the stock to Rs30that
we believe perthe
share.
improvement in underlying fundamentals has already been
incorporated in or
The policy rate theinterest
stock price,” BMA
rate has Research
already said. to 7%. Sales
been reduced
through car financing depend on the interest rate.
IMC stock was trading at Rs1,394.50 at the Pakistan Stock Exchange
after an increase of Rs22 during the day.
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https://www.statista.com/statistics/316786/global-market-share-of-the-leading-automakers/
https://www.pakwheels.com/2018/survey
https://www.toyota-indus.com/corporate/
https://www.pakwheels.com/blog/70-cars-bought-pakistan-2018-locally-made-survey/
https://www.toyota-europe.com/world-of-toyota/this-is-toyota/toyota-in-the-world
https://tribune.com.pk/story/1789925/indus-motor-announces-rs3-3b-investment
https://autoease.pk/toyota/
https://www.dawn.com/news/1410867
https://www.investopedia.com/articles/investing/010815/how-do-recalls-affect-company.asp
https://www.nationmaster.com/nmx/timeseries/pakistan-vehicles-production
https://invest.gov.pk/automobiles
https://apnews.com/press-release/pr-businesswire/49958a5b94664eecbd7ae25aaa7e53aa
https://www.pakistangulfeconomist.com/2019/01/14/overview-of-auto-sector-of-pakistan/
https://tribune.com.pk/story/1516174/auto-sector-set-make-big-gains-cpec
https://propakistani.pk/2019/08/28/toyota-imcs-profits-decline-13-for-fy-2018-19/
https://www.dawn.com/news/1585708

https://www.toyota-indus.com/indus-motor-company-declares-profit-after-tax-of-pkr-13-71-billion-for-fy19/
https://customnews.pk/2018/08/29/indus-motor-company-declares-profit-after-tax-of-pkr-15-8-billion-for-fy18/
https://www.pakwheels.com/blog/big-three-dominate-pakistans-car-market-yet-another-year/
https://www.pakwheels.com/blog/local-auto-industry-verge-collapse-says-pama/
https://www.pakwheels.com/blog/production-cars-rise/

https://www.dawn.com/news/1506271
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 Honda Atlas
Particulars 2018 2019 2020
Honda City and 42810 39189 14091
Total Sales by 50177 48648 22418
% of Contributi 85% 81% 63%

Company TOYOTA IMC HONDA Atlas

Changes 2019 to Changes 2019

Years 2019 2020 2019 2020
2020 to 2020
Turnover(Billion) 158 86 -46% 95 55 -42%
Sale Volume 66,211 28,837 -56% 48,648 22,418 -54%
Production 65,346 28,519 -56% 48,608 22,729 -53%

Company TOYOTA IMC HONDA Atlas

Changes 2018 to Changes 2018
Years 2018 2019 2018 2019
2019 to 2019
Turnover(Billion) 140 158 13% 92 95 3%
Sale Volume 64,000 66,211 3% 50,177 48,648 -3%
Production 62,886 65,346 4% 50,100 48,608 -3%

Currency 2018 2019 2020

Rs to $ 115.6 140.51 166.59
Rs to ¥ 1.09 1.27 1.54

Changes 2018 to
Rs in billion 2018 2019 2019

Sales 140 158 13

Cost 116 139 20
GP 24 19 (21)

Used Car 64%

Imported Car 28%
New Car 34%
Strengths Weakness
→ Brand Image and market position → Product recalls
→ Production facility and distribution
network
→ High Return on Investment(ROI)
Opportunities Threats
→ Automobile Sector potential → High cost of production and currency
and sustainable products fluctuations
→ Imported and Japanese used car