[dropcap]I[/dropcap]ndus Motor Company Limited (IMC) was organized in 1989 as a consequence of a joint venture agreement among some companies of House of Habib of Pakistan, Toyota Motor Corporation and Toyota Tsusho Corporation of Japan.
IMC has no doubt played a key role in the development of the entire value chain of the domestic auto industry in Pakistan and is proud to have contributed in poverty alleviation at the grass root level by nurturing localization that, in turn, has directly created thousands of careers opportunities and transferred technology to over 60 vendors supplying parts.
Indus Motor manufactures and markets Toyota brand vehicles in the country. The main product offerings include numerous variants of the flagship ‘Corolla’ in the passenger cars category, ‘Hilux’ in the light commercial cars segment and the ‘Fortuner’ Sports Utility Vehicle. Today, Corolla is the flagship car of IMC which has a dominant market share of over 60 percent in the 1,300cc-engine category in the country. This is the fourth model of the internationally acclaimed sedan that is being manufactured by the company. The 11th generation Corolla is being made in 13 states around the world and sold in more than 150 states.
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IMC: FINANCIAL PERFORMANCE (Rs in ‘000)
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| Details | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net revenue | 96,516,322 | 57,063,622 | 63,829,075 | 76,962,642 | 61,702,677 | 60,093,139 |
| Gross profit | 14,244,230 | 5,793,582 | 5,857,037 | 6,561,854 | 4,089,135 | 4,856,514 |
| Profit before taxation | 14,132,569 | 5,016,497 | 4,969,775 | 6,312,267 | 4,011,455 | 5,242,539 |
| Profit after taxation | 9,110,251 | 3,873,452 | 3,357,545 | 4,302,715 | 2,743,384 | 3,443,403 |
| Reserves | 23,249,520 | 19,129,652 | 16,907,291 | 16,227,858 | 13,333,648 | 11,801,615 |
| Fixed Assets | 5,193,477 | 6,033,264 | 2,742,140 | 3,472,906 | 4,225,710 | 3,324,333 |
| Net current assets | 13,861,221 | 14,062,278 | 14,775,801 | 13,693,056 | 10,326,779 | 9,566,387 |
In its 25 years history since beginning, the company has sold greater than 600,000 CBU/CKD cars and has demonstrated impressive growth, in terms of volumetric rise from a modest beginning of 20 vehicles per day production in 1993 to 240 units daily at present through the development of human talent embracing the ‘Toyota Way’ of quality and lean manufacturing.
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During the first quarter ended September 30, 2016, the combined sales of Toyota CKD/CBU brand vehicles for the quarter was down slightly to 14,542 units as against to 14,948 units sold during corresponding period previous year, while IMC’s production of PC/LCVs for the quarter fell 0.5 percent to 14,851 as compared to 14,922 units produced during the first quarter previous year.
Some plant operational upsets, and run out of the present model of Hilux and Fortuner limited product availability despite daily overtime to maximize production a healthy order intake book. IMC safety record of ensuring safe plant operations without any lost work day injury for over 7 years suffered a setback during the quarter.
Significant attempts are underway to ensure buildup of strong mindset and behavioral change amongst employees towards embracing safety culture. IMC’s sales revenue from CKD, CBU and spare parts business for the first quarter FY16-17 grew 3.6 percent to Rs 25.8 billion as against to Rs 24.9 billion achieved for the corresponding period last year, while the resultant profit after tax (PAT) at Rs 3.0 billion was up 3.4 percent from Rs 2.9 billion achieved for same period in FY2015-2016 chiefly on account of higher sales volume.
Despite a slight drop in vehicle volume, the management was able to sustain profitability on account of strong sales in spare parts business and tighter control over costs. Over the eras, the company has made large scale investments in improving its own capacity and in meeting customer requirements for new products.
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VEHICLES PRICES (AS ON 31.3.2017)
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| Corolla Altis Grande | Starting from Rs. 2,239,000/- | Corolla Altis 1.6 | Rs. 1,994,000/- |
| Corolla 1.3 | Starting from Rs. 1,659,000/- | Prius | Rs. 4,499,000/- |
| Camry | Rs. 10,949,000/- | Avanza | Rs. 2,999,999/- |
| Fortuner | Rs. 5,249,000/- | Revo | Starting from Rs. 3,749,000/- |
| Hilux E (Standard) | Rs. 3,549,000/- | Hilux Single Cabin | Starting from Rs. 2,059,000/- |
| Land Cruiser Prado | Starting from Rs. 13,949,000/- | Land Cruiser | Starting from Rs. 20,699,000/- |
| Hiace | Starting from Rs. 3,429,000/- | Coaster | Starting from Rs. 5,199,000/- |
| Source: IMC | |||