Indus Motor Company Ltd.

2025
annual report
2
Annual Report 2025 3
 MR. RAFIQ M. HABIB
Founding Chairman, House of Habib

(1937 – 2025)

4
 He was a distinguished business leader,
philanthropist, and educationist. Under his
stewardship, the House of Habib flourished as a
symbol of enterprise and integrity.

He was deeply committed to the cause of

education and will be remembered for his vision
in establishing Habib University, a milestone in
Pakistan’s higher education landscape.

His wisdom, generosity, and lifelong dedication

to community service leave behind a legacy that
will continue to inspire generations.

The families of Indus Motor Company Limited,

Toyota, and House of Habib pray to Almighty
Allah to bless the departed soul and grant
patience and strength to the bereaved family.

Annual Report 2025 5

CONTENTS 08 35 YEARS JOURNEY

CO
OF THE COMPANY

16 SULEMAN HABIB
TRIBUTE TO ALI
(LATE)

24 VISION
TOYOTA GLOBAL

30 OBJECTIVES
STRATEGIC

40 PROFILE
COMPANY
Board of Directors ................................................. 42

TEN
Leadership Team ................................................... 48
Company Information ........................................... 54
Shareholder Information ....................................... 55

58 GOVERNANCE
Chairman Review Report ...................................... 60
Corporate Governance Framework ....................... 62
Composition of Governance Committees ............. 68
Report of the Board Audit & Risk Committee (BARC) 70

72 COMPANY’S
PERFORMANCE
Chairman’s Review ................................................ 72
Directors’ Report ................................................... 74
Operating Highlights ............................................81
Financial Summary ................................................ 82
Statement of Value Addition ................................. 83
Vertical & Horizontal Analysis ..........................84-85
Ratio & Cash Flow Summary.............................86-87
Factors Affecting the External Environment.......... 88
SWOT Analysis..............................................................90
10 Years Performance Indicators ........................... 92

6
 94 CHIEF EXECUTIVE’S

ONT
REPORT
Industrial Review ................................................... 96
Sales and Marketing .............................................102
Customer First ......................................................128
Operations ...........................................................152
Safety, Health and Environment ...........................170
Human Resources.................................................190
Information Technology .......................................216
Corporate Social Responsibility .......................... 222

257 AWARDS &

ACCOLADES

264 FINANCIAL
STATEMENTS

NTS
Statement of Compliance ................................... 266
Independent Auditor’s Report on: ............................
Statement of Compliance .............................. 268
Financial Statements ..................................... 269
Pattern of Shareholding ...................................... 322

324 ANNUAL GENERAL

MEETING
Notice of Annual General Meeting - English.......... 324
Notice of Annual General Meeting - Urdu ............. 329
Directors’ Report – Urdu ......................................... 336
Chairman's Review - Urdu ...................................... 338

339 SHAREHOLDERS’
INTEREST
Form of Proxy – English .......................................... 339
Form of Proxy – Urdu ...............................................341
Electronic Dividend Mandate Form – English......... 343
Electronic Dividend Mandate Form – Urdu ............ 344

Annual Report 2025 7

 Of
Unstoppable

Momentum
From the launch of our very first Corolla in Pakistan to the introduction of the
nation’s first locally manufactured Hybrid Electric Vehicle―The Toyota Corolla
Cross, Indus Motor Company's 35 year journey has been one of continuous
evolution. This journey not only celebrates our milestones but also reflects the
momentum driving us into the future. Over the years, we have continued to drive
employment creation, developed a skilled workforce, contributed significantly
to the national exchequer, advanced localization, and facilitated technology
transfer, strengthening both the industry and the country.

8
 LAYING THE CORNERSTONES

1990 Ground
Breaking
Ceremony

1991 Dealers
Signing
Ceremony

1993
Mr. Tetsuro
Toyoda
inaugurates
the plant

Mr. Ali S. Habib Places Toyota emblem

on 1st Corolla produced in Pakistan

1995 Corolla
Export
Ceremony

1st Corolla driven by Mr. Ali S. Habib

Annual Report 2025 9
 BUILDING FOUNDATION

1997
25,000th
Vehicle Produced

1998Daihatsu Cuore
Foundation Stone
Laying Ceremony

1999
Hilux Single Cabin
Manufactured

2000 Launch of
Daihatsu Cuore
10
 SHAPING NEW JOURNEYS

2001
Local Vendors
Convocation

2002
Launch of the 9th
generation Corolla
with localized parts

2003
10,000th
Daihatsu Cuore
Manufactured

Annual Report 2025 11

 ADVANCING GROWTH

2006
Visit of Mr. Akio Toyoda,
Executive Vice President, Toyota
Motor Corporation, Japan

2007
Hilux Manufactured
in Pakistan
50,000th Vehicle Sale

2008
Inauguration of Pakistan’s Launch of the 10th Generation
Largest Sheet Metal Press Shop Corolla Manufactured in Pakistan

2009
20 year's Celebration

2010
Pakistan’s First Locally
Assembled Hilux Launch

12
 ELEVATING IMPACT

2012 500,000th
Vehicle Manufactured

2015 25 year's
Celebration

Annual Report 2025 13

 INNOVATING WITH PURPOSE

2017
750,000th Vehicle
Manufactured

2018
New Paint Shop

Inauguration
2019 30 Year's
Celebration

President TMAP Visit

Start-Your-Impossible Initiative

2020 Launch of Pakistan’s

First Locally
Manufactured Yaris

14
 ENGINEERING THE FUTURE

2022
Celebrated
1,000,000th Vehicle Manufactured

2023
First MAKE IN PAKISTAN Corolla
Cross HEV Manufactured

First ever export of raw material to Toyota Egypt

2024 2025
Export of Fortuner, Top
Hilux and Corolla Leadership
Cross to Oceanic visit to Aichi,
Countries Japan

Annual Report 2025 15

 Celebrating
Life & Legacy
the

of
Ali Suleman Habib (Late)

(1956 - 2020)

(‫)��م‬ � � �� �� ���
� �� �� � ���

16
Great
Leaders
are not measured
by the wealth
they create, but by
the institutions they
build
and the
lives they

Transform
Annual Report 2025 17
18
ALI
SULEMAN
Habib’s
Legacy extends far beyond boardrooms. It lives
in the people he empowered, the trust he
nurtured, and the quiet strength he embodied.

On Pakistan Day, our Ali Suleman Habib (late)

was awarded “Sitara-e-Imtiaz” posthumously
for his many contributions to the nation.

As the founding Chairman of Indus Motor

Company Limited, he championed the “Make in
Pakistan” vision, driving industrial progress. His
contribution to National Policies, as well as CSR
efforts in Education and Healthcare, continue to
impact many lives in Pakistan.

The families at Indus Motor Company Limited,

Toyota, and House of Habib pray for Almighty
Allah’s peace and blessing upon him and his
family.

Annual Report 2025 19

Mr. Mikaeel Ali Habib receives the Sitara-e-Imtiaz from the President of Pakistan.

20
Annual Report 2025 21
 basking in
the sakura
moment

C
22
 the brilliance
of business is
relationships

& the
brilliance
of life is
human
Conn e ct i o n
Mr. Ali Asghar Jamali (left), Mr. Mohamedali R. Habib (centre) and Mr. Shinji Yanagi (right) enjoying a
Jamali-san, (left) MRH-san (centre) and Yanagi-san (right) enjoying a sakura moment
sakura moment together during the famous cherry blossom season in Aichi, Japan in April 2025.
together during the famous cherry blossom season in Aichi, Japan in April 2024.
Annual Report 2025 23
 GLOBAL
VISION
Toyota will lead the future mobility
society, enriching lives around the
world with the safest and most
responsible ways of moving people.
Through our commitment to quality,
ceaseless innovation, and respect
for the planet, we strive to exceed
expectations and be rewarded with
a smile. We will meet challenging
goals by engaging the talent and
passion of people who believe there
is always a better way.

The tree has been used to symbolise

the Toyota Global Vision from roots to
fruits. The tree is a symbol of natural
strength, useful and sustainable,
something that continues to grow
and nourish year after year.

24
 FRUITS
Always better cars
• Develop vehicles which exceed customer expectations

Enriching lives of communities

• Contribute to communities
• Contribute to the future of mobility

life
Tree of

TRUNK
• Stable base of business
ROOTS
Toyota Values
• The Toyoda Precepts
• Guiding Principles at Toyota
• The Toyota Way

Annual Report 2025 25

 Always strive to build a

Precepts
homelike atmosphere at work

TOYODA
that is warm and friendly.

Always be studious and

creative, striving to stay ahead
of the times.

Always be faithful to your

duties, thereby contributing to
the Company and to the overall
good.

Always have respect for spiritual

matters, and remember to be
grateful at all times.

Always be practical and avoid

frivolousness.

26
Since the Company was founded in 1937, Toyota Motor Corporation and its subsidiaries have
continuously striven to contribute to the sustainable development of society and the earth
through the provision of high-quality and innovative products and services.

GUIDING
PRINCIPLES
1. Honor the language and spirit of the 5. Foster a corporate culture that enhances
law of every country and region, and both individual creativity and the value
undertake open and fair business of teamwork, while honoring mutual
activities to be a strong corporate citizen trust and respect between labor and
of the world. management.

2. Respect the culture and customs of 6. Pursue growth through harmony with
every country and region, and contribute the global community via innovative
to economic and social development management.
through corporate activities in their
respective communities. 7. Work with business partners in research
and manufacturing to achieve stable, long
3. Dedicate our business to provide clean term growth and mutual benefits, while
and safe products and to enhancing the remaining open to new partnerships.
quality of life everywhere through all of
our activities.

4. Create and develop advanced technologies

and provide outstanding products and
services that fulfill the needs of customers
worldwide.

Annual Report 2025 27

SUSTAINABILITY
FUNDAMENTAL POLICY
We, Toyota Motor Corporation and our subsidiaries, BUSINESS PARTNERS
have inherited the spirit of Toyoda Principles We respect our business partners such as suppliers
since our foundation, and have aimed to create a and dealers and work with them through long-
prosperous society through our business activities, term relationships to realize mutual growth based
based on The Guiding Principles at Toyota. In on mutual trust. (Guiding Principle: 7) Whenever
2020, based on these Principles, we compiled we seek a new business partner, we are open to
the Toyota Philosophy and set the mission of any and all candidates, regardless of nationality or
“Producing Happiness for All.” We aim to be the scale of the company, and evaluate them based on
“best company in town” that is both loved and their overall strengths. (Guiding Principle: 7) We
trusted by the people. We will contribute to the maintain fair and free competition in accordance
sustainable development of our society/planet by with the letter and spirit of each country and
promoting sustainability, as we have, under the region’s competition laws. (Guiding Principles: 1
Toyota Philosophy, based on the Sustainability and 7)
Fundamental Policy and individual policies.
SHAREHOLDERS
CUSTOMERS We strive to enhance corporate value while
Based on our philosophy of Customer First, achieving stable and long-term growth for the
we develop and provide innovative, safe, and benefit of our shareholders. (Guiding Principle: 6)
outstanding high quality products and services We provide our shareholders and investors with
that meet a wide variety of customer demands timely and fair disclosure on our operating results,
to enrich the lives of people around the world. financial condition and non-financial condition
(Guiding Principles: 3 and 4) We will endeavor information. (Guiding Principles: 1 and 6)
to protect the personal information of customers
and everyone else we are engaged in business ENVIRONMENT
with, in accordance with the letter and spirit of We aim for growth that is in harmony with
each country and region’s privacy laws. (Guiding the environment by seeking to minimize the
Principle: 1) environmental impact of our business operations,
such as by working to reduce the effect of our
EMPLOYEES vehicles and operations on climate change and
We respect our employees and believe that the biodiversity. We strive to develop, establish, and
success of our business is led by each individual’s promote technologies that enable the environment
creativity and solid teamwork. We support personal and economy to coexist harmoniously, and to
growth for our employees. (Guiding Principle: 5) build close and cooperative relationships with a
We support equal employment opportunities and wide spectrum of individuals and organizations
diversity and inclusion for our employees. We do involved in environmental preservation. (Guiding
not discriminate against them. (Guiding Principle: Principle: 3)
5) We strive to provide fair working conditions and
to maintain a safe and healthy working environment COMMUNITY
for all our employees. (Guiding Principle: 5) We We implement our philosophy of respect for
respect and honor the human rights of people people by honoring the culture, customs, history,
involved in our business and, in particular, do not and laws of each country and region. (Guiding
use or tolerate any form of forced or child labor. Principle: 2) We constantly pursue safer, cleaner,
(Guiding Principle: 5) Through communication and and improved technologies that satisfy the
dialogue with our employees, we build and share evolving needs of society for sustainable mobility.
the value “Mutual Trust and Mutual Responsibility,” (Guiding Principles: 3 and 4) We do not tolerate
working together for the success of our employees bribery of or by any business partner, government
and the company. We recognize our employees’ agency, or public authority, and maintain honest
right to freely associate, or not to associate, and fair relationships with government agencies
complying with the laws of the countries and and public authorities. (Guiding Principle: 1)
regions in which we operate. (Guiding Principle:
5) Management of each company takes leadership SOCIAL CONTRIBUTION
in fostering a corporate culture and implementing Wherever we do business, we actively promote and
policies that promote ethical behavior. (Guiding engage, both individually and with partners, in
Principles: 1 and 5) social contribution activities that help strengthen
communities and contribute to the enrichment of
society. (Guiding Principle: 2)

28
We aim to be the best
company in town that is both
loved & trusted by the people
‘We make cars. Let’s make ever-better cars, and
make our customers happy. We must not forget that,
even though we have become a global automotive
manufacturer, one of our unwavering principles is
putting the customer first. Let’s not be caught up
in immediate profits, but let’s review how we do our
business and look forward again. If we take one
step forward in our own way, I believe it will open
up for us a future.’

Akio Toyoda
Chairman,
Toyota Motor Corporation

Annual Report 2025 29

 strategic
objectives

30
 ACHIEVING
MARKET
LEADERSHIP
BY DELIVERING
VALUE TO
CUSTOMERS
1. Following our “Customer First” philosophy 3. Building competitive value through mutual
in manufacturing and providing high quality trust and mutual responsibility between the
vehicles and services that meet the needs of IMC Team and the Company.
Pakistani customers.
BRINGING TOYOTA QUALITY TO PAKISTAN
2. Enhancing the quality and reach of our 3S
Dealership network. 1. Maximizing QDR (Quality, Durability and,
Reliability) by built-in engineering.
3. Employing customer insight and feedback
for continuous corporate renewal, including 2. Transferring technology and promoting
product development, improving service and indigenization at IMC and its vendors.
customer care.
3. Raising the bar in all support functions to meet
OPTIMISING COST BY KAIZEN Toyota Global Standards.

1. Fostering a Kaizen culture and mindset at IMC, BECOME A GOOD CORPORATE CITIZEN
its dealers and vendors.
1. Following ethical business practices and the
2. Implementing the Toyota Production System. laws of the land.

3. Removing waste in all areas and operating in 2. Engaging in philanthropic and social activities
the lowest cost quartile of the industry. that contribute to the enrichment of the
Pakistani society, especially in areas that
RESPECTING OUR PEOPLE are strategic to both societal and business
needs e.g., road safety, technical education,
1. Treating employees as the most important environment protection, etc.
sustainable competitive resource.
3. Enhancing corporate value and respect while
2. Providing a continuous learning environment achieving stable and long-term growth for the
that promotes individual creativity and benefit of our shareholders.
teamwork. Supporting equal employment
opportunities, diversity and inclusion without
discrimination.

Annual Report 2025 31

VIS VISION

IO
32
S
To be the most
respected and
successful
enterprise,
delighting customers
with a wide range
of products and
solutions in the
automobile industry
with the best
people and the best
technology.

ON Annual Report 2025 33

MIS MISSION

SIO
34
SIMC’s mission is
reflected in the
company’s slogan:
Action, Commitment
& Teamwork to
become # 1 in
Pakistan.

ON Annual Report 2025 35

CORE
VALUES
• Being seen as the best employer
• World class production quality
• Achieving the ultimate goal of
complete customer satisfaction
• Fostering the spirit of teamwork
• Inculcating ethical and honest
practices

36
Annual Report 2025 37
38
Action
Commitment
Teamwork
ACT
#1
Respect &
corporate
image

Customer
satisfaction

Production
& sales

Quality &
safety

Best
employer

Profitability

Annual Report 2025 39

COMPANY
Profile

IMC has played

a major role in
the development
of the local auto
industry

40
 INDUS MOTOR
COMPANY LIMITED
(IMC)
Was incorporated in 1989 as a joint venture amongst certain House of Habib's Companies, Pakistan,
and Toyota Motor Corporation (TMC) and Toyota Tsusho Corporation (TTC), Japan. Since its inception,
IMC has been at the forefront of Pakistan’s automobile industry, manufacturing and marketing Toyota
vehicles across the country.

Our product lineup includes multiple variants of the iconic Toyota Corolla and Yaris in the passenger car
segment, Hilux in the light commercial vehicle segment, Fortuner in the SUV segment, and the Corolla
Cross in the hybrid electric vehicle segment.

IMC’s state-of-the-art manufacturing facility is located on a 109.5-acre site at Port Qasim, Karachi.
Vehicles are delivered to customers nationwide through a robust network of 57 independent authorized
3S dealerships, ensuring convenience and aftersales support across Pakistan.

Over the past 35 years, IMC has sold more than 1.2 million vehicles, demonstrating consistent growth
and innovation. From its modest beginnings of producing 20 vehicles per day in 1993, the company’s
daily production capacity has expanded to 288 units per day (with overtime) on a double-shift basis.
This achievement reflects IMC’s strong commitment to developing human talent and embracing the
Toyota Way of quality and lean manufacturing.

The company has made substantial investments in capacity enhancement and product development
to meet evolving customer needs. The Toyota Corolla continues to dominate the ‘C-segment’ sedan
category, while other models enjoy strong success in their respective markets. In FY 2023–24, IMC
proudly launched the Toyota Corolla Cross Hybrid Electric Vehicle (HEV)—the first locally manufactured
hybrid vehicle in Pakistan with the highest ever localized content.

In addition to serving the domestic market, this year, IMC has extended its footprint internationally
by exporting vehicles to Oceanic countries. Models such as the Corolla Cross, Fortuner, and Hilux are
exported to oceanic countries, showcasing Pakistan’s automotive manufacturing capability on the
global stage.

IMC employs 3,017 people and places a strong emphasis on training, leadership development, and
cultivating a culture of high performance, empowerment, and teamwork. Guided by the company’s
core values, employees uphold high standards of business ethics and safety, communicate openly, and
foster mutual respect. According to Toyota Motor Corporation’s bi-annual morale survey, IMC employees
consistently rate the company highly for work environment and job satisfaction.

Beyond its own growth, IMC has been instrumental in developing Pakistan’s automotive value chain. By
nurturing localization and technology transfer to 53 local vendors, the company has created thousands
of jobs and contributed significantly to poverty alleviation at the grassroots level. IMC is also one of
Pakistan’s leading taxpayers and a key contributor to the national exchequer.

Annual Report 2025 41

BOARD OF
Directors
42
 Mohamedali R. Habib is the Chairman
of Indus Motor Company Limited, and a
Founding Director of the Company. He has
been a Director of Habib Metropolitan Bank
Limited since 2004, and currently serves as
the Chairman of the Board of Directors of
the Bank. In addition, he serves as a Member
on the Board of Thal Limited, a Director of
Habib University Foundation and a Director
of the Pakistan Business Council. He was
appointed Group CEO of HBZ Group in 2016.

Mohamedali R. Habib graduated in

Business Management–Finance from Clark
University, Massachusetts USA in 1987,
Mohamedali R. Habib and also holds a Post Graduate Diploma
Chairman in General Management from Stanford-
National University of Singapore.

Shinji Yanagi was appointed as Director on

the Board and Vice Chairman of Indus Motor
Company Limited in April 2021. He has been
serving at Toyota Motor Corporation for
over 30 years and has worked in different
capacities. He has also served as President
for Toyota Motor Engineering Egypt.

Mr. Yanagi has been serving as the member

of the Board of the Pakistan Japan Business
Forum (PJBF) since April 2021. PJBF was
established in 2001 for the promotion of
business between the two countries.
Shinji Yanagi
Vice Chairman He has completed his Bachelor’s degree in
Economics from Keio University, Japan.

Annual Report 2025 43

 Ali Asghar Jamali was appointed as Chief Executive of Indus
Motor Company Limited in January 2017. He has been with the
Company since October 2000 and has served in key roles in various
departments, owing to which he has acquired rich experience in
end-to-end management of company operations.

Mr. Jamali has served as the Chairman of Pakistan Automotive

Manufacturers Association and currently serves as Member of the
Managing Committee of Overseas Investor Chamber of Commerce
& Industry.

He is a Fellow member of the Institute of Chartered Accountants

of Pakistan and has attended the Advanced Management Program
at Harvard University, Accelerated Management Program at the
Ali Asghar Jamali Wharton School of Business and Leading the AI-Driven Organisation
Chief Executive/Director Programme at the MIT Sloan School of Management, USA. He is
also a member of the Young Presidents Organization.

Imran Ali Habib joined the Board of Directors of Indus Motor

Company Limited in February 2019. He is presently the Senior
Executive Vice President & Chief Strategic Officer of HAB Bank
in New York, USA, where he is responsible for looking after the
Bank’s Management & Business Development. He began his
career with Habib Bank AG, Zurich in the United Arab Emirates in
2008 where he last served as Senior Vice President, before moving
to the United States in 2016.

Imran also serves as a Member on the Boards of Thal Ltd., Shabbir

Tiles & Ceramics Ltd., and HAB Bank, USA.

Imran is a graduate of the Bryant University (Bachelor of Science

in Business Administration) and has attended the Program for
Leadership Development and is an Alumni of Harvard Business
School. He is also a Member of the Young Presidents Organization
Pakistan Chapter & Metro New York Chapter.
Imran Ali Habib Imran also likes to devote his time and attention to social welfare,
Director education, and benevolent activities and is a Member on the
Board of Directors of Habib University Foundation US.

44
 Muhammad H. Habib has been a Director on the Board of Indus
Motor Company Limited, since June 2020. He is the President (and
member of the General Management) of Habib Bank AG Zurich
and Chairman of the Board of Directors for Habib Canadian Bank
in Canada and the Habib Bank Zurich Plc in UK.

Mr. Habib is also a member of the Board of Directors of HBZ Bank

in South Africa, Habib Metropolitan Bank Ltd in Pakistan, Habib
Insurance Company Ltd. in Pakistan and Gefan Finanz AG, Zug in
Switzerland.

He is a member of the Board of Governors of Habib University as

well as the Board of Trustees for Habib University Foundation and
Habib Public School, in Pakistan. He also serves on the Global
Advisory Board for Babson College, USA.
Muhammad H. Habib
Director Mr. Habib studied at Collège du Léman, Geneva, and received his
Degree in Finance from Babson College, USA.

Mr. Asif Qadir is a businessperson who has been at the helm of

6 different companies. Mr. Qadir holds a degree in Chemical
Engineering from Columbia University, New York, USA. He has over
30 years of experience with Exxon and Engro and held positions as
Worldwide Business Advisor. He joined Exxon Chemical Pakistan
Ltd in 1978 as a Process Engineer and held various assignments in
manufacturing and marketing of fertilizers.

In his past career, he occupied the position of President and

CEO of Engro Polymer & Chemicals Ltd. He has also served on
the Board of Engro Corporation Ltd., Engro Fertilizers Ltd., Engro
Powergen Ltd., Sindh Engro Coal Mining Company Ltd., Karachi
Stock Exchange, Pakistan Poverty Alleviation Fund, Inbox Business
Technologies (Pvt) Ltd., Thal Limited and Cherat Cement Co Ltd.

He is currently serving as an Independent Director of Tripack Films

Asif Qadir Ltd., Descon Oxychem Ltd., Century Paper & Board Mills Limited,
Independent Director Unicol (Pvt) Ltd., and Liaquat National Hospital and Medical
College.

Annual Report 2025 45

 Giri Venkatesh was appointed as Director of the Indus Motor
Company Limited in February 2025. Currently, he is serving as the
Vice President of Corporate Planning Division at Toyota Motor Asia
Pte Ltd. He has served in various management positions at Toyota
Motor in Malaysia and Singapore.
Giri Venkatesh He holds a Master of Science Degree (MSc) in Strategic Automotive
Director Dealership Management from Loughborough University, United
Kingdom.

Shigeki Furuya was appointed as an Executive Director of Indus

Motor Company Limited in April 2022. He has been associated
with Toyota Tsusho Corporation from 1987, during which time he
has held various senior positions. He has been with the Company
from 1996 to 2003 and then from 2007 to 2008 and has served as
an Advisor in the Product Development Department. Currently, he
has been serving as Senior Director Product Development of the
Shigeki Furuya Company.
Director
He is a graduate from Yamanashi University, Japan.

46
 Riyaz Towfiq Chinoy is a seasoned Industrial Engineer from Case
Western Reserve University, USA. He brings over three decades of
leadership experience in Pakistan’s industrial manufacturing sector.
After retiring from his corporate role in 2021, Mr. Chinoy founded
Yaqin Steel Limited, a startup focused on pioneering large-scale
steel production in Pakistan.

His dedication to corporate governance, sustainability education,

and social impact continues to shape his work and inspire his
contributions across both industry and community development.

Riyaz has long been involved in philanthropic efforts, particularly in

education. He is also on the Board of The Citizens Foundation, Indus
Valley School of Art and Architecture, Orange Tree Foundation (OTF)
and the Duke of Edinburgh Awards, Pakistan.

He currently also serves on the advisory Board of the Packages Group,

and TCF and on the boards of several leading companies, including
Jubilee General Insurance, Pakistan Machine Tool Factory, Heavy
Mechanical Complex, Bulleh Shah Packages, Packages Convertors
Riyaz T. Chinoy Ltd, Starch Pack Ltd and Magnus Investments Ltd. Riyaz has been a
Independent Director certified Independent Director, since 2007, from (PICG) and a Fellow
of the Institute of Engineers, Pakistan.

Syeda Tatheer Zehra Hamdani was appointed as Director on the

Board of Indus Motor Company in October 2019. Ms. Hamdani
is currently the President’s Chief of Staff and Senior Director for
Global Engagement at Habib University.

Ms. Hamdani started her career in the development sector in

2003, particularly focused on conceptualizing, designing and
implementing international funding projects, and government
supported projects related to primary and secondary education
across Sindh. In 2008, she joined Habib University Foundation
(HUF) to support the planning and launch of Habib University,
Pakistan’s first liberal arts and sciences center of higher learning,
offering contextualized and globally rooted higher education.

Ms. Hamdani has worked in all aspects of establishing the

structures of the University, including Academic Recruitment and
Affairs, Communication and External Relations, Student Services
and Resource Mobilization. As President’s Chief of Staff and Senior
Director of Global Engagement of Habib University, she works
Syeda Tatheer with the President and the senior management in implementing
the institution’s strategic plan, raising resources, and managing
Zehra Hamdani international partnerships. She holds a Master’s in Business
Independent Director Administration from the Institute of Business Management,
Pakistan.

Annual Report 2025 47

LEADERSHIP
Team
48
Annual Report 2025 49
50
 Our
VALUE CHAIN
Pivotal to MAKE IN PAKISTAN are our extended family of
dealers, suppliers & most of all, our customers who give
meaning to what we do.

51
573 57 3S
Dealerships

Deal
Toyota Abbott Motors Toyota Jinnah Motors
Toyota Airport Motors Toyota Khyber Motors
Toyota Azad Motors Toyota Lyallpur Motors
Toyota Bahawalpur Motors Toyota Mandi Bahauddin Motors
Toyota Canal Motors Toyota Mardan Motors
Toyota Cantt Motors Toyota Multan Motors
Toyota Capital Motors Toyota Point Motors
Toyota Central Motors Toyota Port Qasim Motors
Toyota Chakwal Motors Toyota Quetta Motors
Toyota Chenab Motors Toyota Rahwali Cantt Motors

3S
Toyota Chiltan Motors Toyota Ravi Motors
Toyota City Motors Toyota Rawal Motors
Toyota Clifton Motors Toyota Royal Motors
Toyota Creek Motors Toyota Sahara Motors
Toyota D.G. Khan Motors Toyota Sahiwal Motors
Toyota D.I. Khan Motors Toyota Sargodha Motors
Toyota Defence Motors Toyota Shaheen Motors
Toyota Eastern Motors Toyota Shahrah-e-Faisal Motors
Toyota Faisalabad Motors Toyota Sialkot City Motors
Toyota Fort Motors Toyota Society Motors
Toyota Frontier Motors Toyota Southern Motors
Toyota G.T. Motors Toyota Sukkur Motors
Toyota Garden Motors Toyota Township Motors
Toyota Gateway Motors Toyota University Motors
Toyota Gujrat Motors Toyota Walton Motors
Toyota Highway Motors Toyota Western Motors
Toyota HN Motors Toyota Zarghoon Motors
Toyota Hub Motors
Toyota Hyderabad Motors
Toyota Islamabad Motors
Toyota Jhelum Motors

Annual Report 2025 52

 53Suppliers
AB Engineering (Pvt) Ltd.
Agriauto Industries Ltd.
PCI Automotive (Pvt) Ltd.
Pearl Packages (Pvt) Ltd.
Agriauto Stamping Company (Pvt) Ltd. Plastech Autosafe (Pvt) Ltd.
Ahmad Glass Industries (Pvt) Ltd. Precision Mates
Alba Engineering Company Procon Engineering (Pvt) Ltd.
Al-Badar Engineering Company Ravi Autos Sundar (Pvt) Ltd.
Al-Fattah Aluminium Industries (Pvt) Ltd. Razi Sons (Pvt) Ltd.
Allco Transfer Printers (Pvt) Ltd. Rubatech Manufacturing [Link] Ltd.
Alsons Auto Parts (Pvt) Ltd. Sapphire Finishing Mills Ltd.
A-one Techniques (Pvt) Ltd. S.T. Engineering Services (Pvt) Ltd.
Atlas Battery Limited. Shaheen Automotive (Pvt) Ltd.
Auvitronics Limited. Stanley Industries
Automate Industries (Pvt) Ltd. Synthetic Products Enterprises
Baluchistan Wheels Ltd. Tecno Auto Glass Ltd.
Dawood Engineering (Pvt.) Ltd. Tecno Pack Telecom (Pvt) Ltd.
Exide Pakistan Ltd. Thal Boshoku Pakistan (Pvt) Ltd.
Faraz Industries (Pvt) Ltd. Thal Limited
Feroz Industries Thermosole Industries (Pvt) Ltd.
G.I Enterprises (Pvt) Ltd. United Mechanical Industries (Pvt) Ltd.
Ghandhara Tyre And Rubber Company Yaqeen Art Press (Pvt) Ltd.
Hawks Engineering Services (Pvt) Ltd.
Hinopak Motors Ltd.
Infinity Engineering (Pvt) Ltd.
Jodhala Complex (Pvt) Ltd.
Landhi Engineering Works (Pvt) Ltd.
Loads Ltd.
Mecas Engineering (Pvt) Ltd.
Mehran Commercial Enterprises
Metaline Industries (Pvt) Ltd.
National Automotive Components (Pvt)
Omar Jibran Eng. Industries Ltd
Pacific International (Pvt) Ltd.
Panther Sports & Rubber Industries (Pvt) Ltd.

53
COMPANY
INFORMATION
BANKERS FACTORY / REGISTERED OFFICE
Allied Bank Limited Plot No. N.W.Z/1/P-1, Port Qasim Authority,
Bank Alfalah Limited Bin Qasim , Karachi.
Bank AL-Habib Limited Phone : (PABX) (92-21) 34720041-48
Faysal Bank Limited (UAN) (92-21) 111-TOYOTA (869-682)
Habib Bank Limited Website : [Link]
Habib Metropolitan Bank Limited
MCB Bank Limited
CHIEF FINANCIAL OFFICER
Meezan Bank Limited
Mr. Mohammad Ibadullah
National Bank of Pakistan
Standard Chartered Bank (Pakistan) Limited
United Bank Limited COMPANY SECRETARY
Mr. Muhammad Arif Anzer

AUDITORS
A.F. Ferguson & Co. BOARD AUDIT & RISK COMMITTEE MEMBERS
Chartered Accountants, Mr. Asif Qadir (Chairman)
State Life Building No. 1-C, Mr. Muhammad H. Habib
I.I. Chundrigar Road, Karachi. Mr. Imran Ali Habib
Mr. Riyaz T. Chinoy
Mr. Giri Venkatesh
LEGAL ADVISORS
Mr. Shiraz Sanawar (Secretary)
A.K. Brohi & Company
Mahmud & Co.
Masood Aziz & Associates BOARD HUMAN RESOURCE AND REMUNERATION
Fazleghani Advocates COMMITTEE MEMBERS
Sajeel Mirza Mann & Shah Syeda Tatheer Zehra Hamdani (Chairman)
Mr. Mohamedali R. Habib
Mr. Shinji Yanagi
SHARE REGISTRAR
Mr. Riyaz T. Chinoy
CDC Share Registrar Services Limited
Mr. Ali Asghar Jamali
CDC House, 99-B, Block “B”,
Mr. Khurram Mahmood (Secretary)
S.M.C.H.S., Main Shahrah-e-Faisal,
Karachi-74400.
Tel : 0800-23275 BOARD ETHICS COMMITTEE MEMBERS
UAN : 111-111-500 Mr. Riyaz T. Chinoy (Chairman)
Email : info@[Link] Mr. Ali Asghar Jamali
Syeda Tatheer Zehra Hamdani
Mr. Khurram Mahmood (Secretary)
CREDIT RATING
Credit Rating Company:
VIS Credit Rating Company Limited
Long term rating: AA+
Short term rating: A-1+

54
SHAREHOLDER
INFORMATION
FACTORY / REGISTERED OFFICE OWNERSHIP
Plot No. N.W.Z./1/P-1, Port Qasim Authority On June 30, 2025 there were 5,208 shareholders
Bin Qasim, Karachi. on record of the Company’s ordinary shares.
PABX : (92-21) 34720041-48
DIVIDEND PAYMENT
SHARE REGISTRAR The proposal of the Board of Directors for dividend
CDC Share Registrar Services Limited payment will be considered at the Annual General
CDC House, 99-B, Block “B” Meeting. The dividend net amount will be credited
S.M.C.H.S., Main Shahrah-e-Faisal, into respective account of shareholders listed
Karachi-74400. in the register of members on October 2, 2025.
Tel : 0800-23275 Income Tax will be deducted in accordance with
UAN : 111-111-500 the prevailing regulations.
Email: info@[Link]
LISTING ON PAKISTAN STOCK EXCHANGE
ANNUAL GENERAL MEETING Indus Motor Company Limited equity shares are
The Annual General Meeting will be held on listed on the Pakistan Stock Exchange.
Thursday, October 9, 2025 at 9:00 a.m. at the
Institute of Chartered Accounts of Pakistan, STOCK CODE
Chartered Accountants Avenue, Clifton, Karachi The Stock code for dealer in equity shares of Indus
and through Video Link facility. Motor Company Limited at PSX is ‘INDU’.
Shareholders as on October 2, 2025 are
encouraged to participant and vote.

Any shareholder may appoint a proxy to vote on

his or her behalf. Proxies must be deposited with
the Share Registrar of the Company not less than
48 hours before the Meeting.

INDUS Vs PSX 100

(1994 - 2025) As at June 30th

12,000 Share Prices and Volumes 2024-25

Pakistan Stock Daily
Price in Rupees
Exchange Average
10,000
High Low Volume
st
1 Quarter 1940.00 1768.00 334,375
Relative Index

8,000 nd
2 Quarter 2259.00 2200.00 62,247
rd
3 Quarter 2285.00 2125.21 14,127
6,000 INDU
4th Quarter 2070.01 2027.01 140,336

4,000 IMC
PSX 100 index

2,000

0
2000

2002
2003
2004
2005
2006
2007
2008
2009
1994
1995
1996
1997
1998
1999

2001

2010
2011

2020

2022
2023
2024
2025
2012
2013
2014
2015
2016
2017
2018
2019

2021

Annual Report 2025 55

 OR
GAN
ISA
ORGANISATION
structure

56
 Board Audit & Internal
Risk Committee Audit
(BARC)

Board HR &
Remuneration
Committee

The Chief
Board Executive

Board Ethics
Committee

Board Share
Transfer
Committee

IT Steering
Committee

Safety, Health
Finance Technical & Environment
Steering
Committee

Sales, ACT #1
Information Management
Marketing
Technology Committee
& CFD

Corporate Marketing
Human Technical
Communications Coordination
Resources
& CSR Committee

Investment
Legal Administration
Committee

Annual Report 2025 57

Governance
58
GOVER
IMC corporate governance
framework is designed
to establish an oversight
mechanism which ensures
that the management
remains aligned with
the long-term interests
of our stakeholders in a
sustainable manner.

To support this objective,

we have instituted
structured decision-
making bodies and
formalized processes that
reflect our meritocratic
culture, emphasize
performance, and
prioritize long-term value
creation.

Annual Report 2025 59

 Review
CHAIRMAN’S

60
ON BOARD’S PERFORMANCE
IMC not only complies with all the requirements set out in the Companies Act, 2017 and the Listed
Companies (Code of Corporate Governance) Regulations, 2019 with respect to the composition,
procedures and meetings of the Board of Directors and its committees but also endeavors to follow the
best Corporate Governance practices. This year we are pleased to report that the Board Audit committees
Terms of reference has been enhanced to include Risk. As such the BAC has been rebranded as the Board
Audit and Risk Committee (BARC). Furthermore, the Board HR and Remuneration Committee continues to
function actively and is supported by the Ethics Committee. All three of these committees are Chaired by
Independent Directors and have an annual self-evaluation system to measure committee performance
and effectiveness. As required under the Code of Corporate Governance, an annual evaluation of the
Board of Directors (the “Board”) of the Indus Motor Company Limited (the “Company”) is carried out.

The purpose of this evaluation is to ensure that the Board’s overall performance and effectiveness is
measured and benchmarked against expectations in the context of objectives set for the Company.
Areas where improvements are required are duly considered and action plans are framed. For the
purpose of Board evaluation, a comprehensive criteria has been developed. The Board has recently
completed its annual self-evaluation, which is anonymous, for the year ended June 30, 2025 and I
report that: The overall performance of the Board measured on the basis of approved criteria for the
year was satisfactory and has improved against previous years. The overall assessment as satisfactory
is based on an evaluation of the following integral components, which have a direct bearing on Board’s
role in achievement of Company’s objectives:

1. Board Composition and Diversity: The Board of Directors comprises a balanced mix of
independent and non-executive directors, bringing diverse perspectives and expertise to
the table. All directors, regardless of classification, were actively engaged in key deliberations
and decision-making processes.

2. Strategic Engagement: The Board demonstrates a strong understanding of the interests of

all stakeholders, including shareholders, customers, employees, vendors, and society at
large. It has articulated a clear strategic vision for the Company’s evolution over the next
three to five years and has devoted substantial time to strategic planning. Annual performance
goals and targets have been defined for management across all critical operational areas.

3. Diligence and Oversight: Board members diligently fulfilled their responsibilities, thoroughly
reviewing and approving corporate strategies, objectives, financial statements, budgets,
and other key reports. Meetings were supported by well-prepared agendas and
comprehensive documentation circulated in advance, enabling informed decision-making.
The Board convened with sufficient frequency to effectively discharge its duties.

4. Business Performance Monitoring: The Board remained well-informed on the Company’s

progress toward strategic and financial objectives through regular briefings by management,
internal and external auditors It provided timely and effective oversight and guidance to
ensure alignment with corporate goals.

5. Governance and Control Environment: The Board has established a strong governance
framework, setting the tone at the top by promoting a culture of integrity, accountability,
and compliance. It has implemented robust internal controls and adheres to best practices
in corporate governance, fostering ethical conduct across the organisation.

MOHAMEDALI R. HABIB
Chairman

Annual Report 2025 61

CORPORATE
GOVERNANCE
FRAMEWORK
The Board aims to ensure the highest standards with Section 192 of the Companies Act, 2017,
of corporate governance, accountability and risk detailing the Board’s overall performance, is
management. The main philosophy of business included in this Annual Report.
has been to create value for all stakeholders
through fair business practices. This translates A comprehensive evaluation framework has been
into policies approved by the Board of Directors developed to assess performance across multiple
and implemented throughout the Company to dimensions, both at the individual and collective
enhance the economic and social value for all levels.
stakeholders of the Company. Evaluation Criteria for the Board
Board’s Function and Decision Making l
Board Composition: Effectiveness in bringing
The Board of Directors, acting as fiduciaries on in a mix of gender, talents, skills and
behalf of shareholders, is primarily responsible philosophical perspectives. Integrity,
for the governance and strategic oversight of credibility, trustworthiness and active
the Company. In fulfilling this role, the Board participation of members.
provides strategic direction to management, sets l
Leadership and Planning: The Board spends
performance benchmarks, and monitors progress
sufficient time on strategy formulation. Its
to ensure alignment with organisational goals.
ability to provide guidance and direction to
The overarching objective of the Board is to the Company, review adequacy of resources
safeguard and enhance shareholder value. At and follow-up and review of annual targets set
IMC, the Board is actively engaged in addressing by the management.
strategic priorities and supervising the Company’s l
Board Effectiveness: All Board members
operations, with a focus on identifying and
understand and fulfill their responsibilities and
managing emerging risks and opportunities.
comply with all relevant laws. Significant issues
Additionally, the Board plays a critical role in
are placed in front of the Board for
formulating, reviewing, and approving the
consideration.
Company’s long-term strategies, annual targets,
and financial objectives. l
Board Accountability: The Board reviews
potential risks, adequacy of internal controls
Decisions Delegated to the Management
and the risk management procedure.
Management is principally responsible for the l
Strategy and Performance: The Board devotes
execution of strategies and implement policies
appropriate time to review the implementation
approved by the Board of Directors. It is tasked
of Company’s strategic and financial plans.
with overseeing the day-to-day operations of the
Company in an efficient, ethical, and compliant l
Organisation: The Board meetings are
manner, ensuring alignment with the strategic structured to make effective use of the
objectives set by the Board. member’s time and skills. Board members
receive appropriate supporting materials for
Board’s Annual Evaluation of Performance
timely decision-making.
In compliance with the Listed Companies (Code l
Ethics and Compliance: The Board ensures that
of Corporate Governance) Regulations, 2019, the
professional standards and corporate values
Board of Directors of IMC conducts an annual
are put in place that promote integrity for the
review of its performance, including a formal self-
Board, Senior Management and employees in
evaluation of the Board and its committees. This
the form of the Company’s Code of Conduct.
structured assessment is aimed at measuring the
It is notified of material communications
Board’s effectiveness and aligning its performance
received from governmental or regulatory
with the strategic objectives of the Company.
agencies related to areas of any non-
For the financial year ended June 30, 2025, the compliance.
Board completed its annual self-evaluation l
Risk Management: The Board has a sound
exercise. A report by the Chairman, in accordance
process for identifying and regularly reviewing

62
 the Company’s principal risks, and makes Approved Policy for Related Party Transactions
necessary adjustments in light of changes to
the internal and external environment. The The Board of Directors has approved a
overall performance of the Board measured on comprehensive Policy on Related Party
the basis of above mentioned. Transactions to ensure transparency, fairness, and
compliance with regulatory requirements. The
Directors’ Orientation policy mandates that all related party transactions
must be conducted on an arm’s length basis,
The Company has made sufficient arrangements meaning they are to be carried out under terms
to carry out orientation sessions for their directors and conditions comparable to those applicable in
to acquaint them with company’s operations, similar transactions with unrelated third parties,
applicable laws and regulations and their duties within the ordinary course of business.
and responsibilities in order to enable them to
effectively govern the affairs of the company on As per the policy, all related party transactions
behalf of shareholders. require approval from the Board of Directors,
based on the recommendations of the Board Audit
Directors Training Program & Risk Committee (BARC), which is chaired by an
independent director. These transactions include,
All the directors of the Company have either
but are not limited to, purchase of parts and raw
acquired the prescribed certification under
the Director training programs offered by materials, services, the sale of vehicle, parts and
lubricants, payment of dividends, investments
Pakistan Institute of Corporate Governance or
(subject to shareholder and Board approvals
Institute of Chartered Accountants of Pakistan
or are exempted based on their education and where applicable), and remuneration and benefits
provided to key management personnel.
experience.
Disclosure of Related Party Transactions
External Oversight of Functions

IMC is committed to maintaining the efficiency, The Company has provided comprehensive
disclosures of related party transactions in the
effectiveness, and integrity of its operations
financial statements accompanying this Annual
through continuous performance monitoring and
benchmarking. Functional goals are regularly Report. These disclosures are fully compliant with
the requirements of the Fourth Schedule to the
assessed to ensure alignment with strategic
Companies Act, 2017, as well as the applicable
objectives, and performance is evaluated against
clearly defined standards. International Financial Reporting Standards
(IFRS).
The following is a summary of the oversight
measures implemented to achieve and sustain Policy for Governance of Risk and Internal
Controls
these benchmarks:
IMC has established a comprehensive risk
l
All processes and functions are subject to
management framework aimed at proactively
systematic audits conducted by the Internal
identifying, assessing, and mitigating risks to
Audit Department to ensure compliance and
safeguard the Company’s long-term strategic
control effectiveness.
objectives and overall sustainability. Regular risk
l
Comprehensive Safety, Health, and assessments are conducted to maintain a clear
Environmental (SHE) audits of both plant site understanding of key risk exposures, assign
and the corporate office were conducted by accountability, and implement targeted actions
SHE specialists to assess adherence to global to effectively address them.
best practices.
Given their strategic significance, material issues
l
The Company’s information systems and principal risks are fully embedded within IMC’s
and network security infrastructure were business planning processes and are subject to
independently audited by qualified external IT continuous oversight by the Board of Directors.
auditors to evaluate cybersecurity resilience Risks across strategic, commercial, operational,
and data protection measures. financial, and compliance domains are evaluated
and prioritized based on their potential impact
l
Manufacturing operations are continuously and likelihood of occurrence.
reviewed and benchmarked against Toyota
Global standards and regulatory guidelines. For each identified risk, appropriate mitigation
strategies and action plans are formulated,
l
Parts quality assessment are routinely carried executed, and monitored to ensure effective risk
out to verify the accuracy as per Toyota Global response and resilience across the organization.
standards.

Annual Report 2025 63

Board’s Policy on Diversity Policy for Remuneration to Non- Executive
Directors
The Board of Directors of IMC remains strongly
committed to fostering a culture of diversity, equal As authorized under the Articles of Association,
opportunity, and talent development across all the Board of Directors is empowered to
levels of the organisation, including at the Board determine the remuneration of Non-Executive
and executive management levels. The Company and Independent Directors from time to time. In
actively seeks to attract and retain highly qualified line with this authority, the Board has approved a
professionals for all roles, ensuring a merit- Remuneration Policy for Directors and Members of
based and inclusive approach to recruitment and Senior Management, which outlines the following
development. key principles:

The Board recognizes that diversity—particularly l

Non-Executive Directors, including
at the leadership level—is a critical enabler of Independent Directors, shall not receive
effective governance and strategic decision- any remuneration other than a meeting fee
making. A diverse Board, reflecting a broad mix for attending meetings of the Board and its
of gender, experience, knowledge, and expertise, Committees.
enhances overall Board performance and
contributes meaningfully to the achievement of
l
The meeting fee payable to Directors for
the Group’s strategic objectives, especially given attending Board or Committee meetings
the Company’s expansive geographic presence. shall be reviewed and approved by the Board
of Directors from time to time.
IMC is committed to ensuring that diversity, equity,
and inclusion are central to our recruitment and
l
Directors shall be entitled to reimbursement
selection processes. Our goal is to attract, hire, of all reasonable expenses, including travel,
and retain a workforce that reflects the diverse boarding, and lodging, incurred in connection
communities we serve. The recruitment process with attendance at Board meetings, Committee
will be designed to identify and remove barriers Meetings, and General Meetings of the
to entry, ensuring fairness and equal opportunity Company.
for all candidates.
Foreign Directors
The DEI Committee ensures departments actively
In compliance with the Companies Act, 2017
contribute to building a diverse and inclusive
and applicable SECP regulations, the Company
workforce. They set clear DEI targets and ensure
obtained all necessary approvals for the
diversity, equity, and inclusion are prioritised in
appointment of a foreign national as Director.
recruitment, retention, and career development.
This included security clearance from the Ministry
Senior leaders track progress.
of Interior and confirmation of eligibility under
Disclosure of Director’s Interest in Significant Section 153 of the Act. The appointment was duly
Contracts / Conflict of Interest of Board Members approved by the Board and reported to the SECP,
ensuring full regulatory compliance.
To proactively prevent actual or perceived
conflicts of interest, the Company promotes Human Resource Management Policy &
formal disclosure of vested interests in accordance Succession Planning
with its Code of Business Ethics and the Board-
As IMC continues its trajectory of growth,
approved Policy on Conflict of Interest for
the strategic importance of human capital
Directors. These frameworks incorporate not only
development remains paramount. The Company
the relevant regulatory provisions but also align
has consistently maintained a strong track record
with international best practices.
of attracting and retaining skilled professionals
Board members are expected to exercise across all functions, ensuring the availability of
transparency by disclosing any personal interests qualified, experienced, and performance-driven
that may influence their judgment. In cases of talent to support each department’s operational
uncertainty, directors are encouraged to seek and strategic needs.
guidance from the Chair prior to deliberation.
At IMC, we are committed to cultivating a high-
Furthermore, any potential conflicts of interest—
performing, motivated workforce aligned with the
identified before the finalization of the meeting
Company’s vision and mission. This is achieved
agenda—are appropriately described and
through a continuous focus on professional
quantified, and directors’ comments and
development, robust training programs, and
recommendations are duly documented for
competitive compensation structures aligned
evaluation and record-keeping purposes.
with market standards.

64
Our approach is underpinned by a progressive l
Workplace Health and Safety: IMC makes every
Succession Planning Policy, designed to transform reasonable and practicable effort to maintain
internal talent into future-ready leaders capable safe, secure, and healthy working environments
of assuming critical roles. across plant and corporate offices.

Social and Environmental Policy Communication with stakeholders

IMC has established a comprehensive Social IMC is fully committed to fostering transparent,
and Environmental Policy, underscoring the constructive, and long-term relationships with all
Company’s commitment to fostering an inclusive, stakeholders. The Company actively encourages
equitable, and sustainable society. The policy is stakeholder engagement and values their input in
designed to support initiatives that drive long- management decision-making processes.
term transformation, social integration, and
environmental stewardship. IMC ensures the timely, fair, and comprehensive
disclosure of all material information, providing
Our approach to social responsibility is guided stakeholders with insight into the Company’s
by ethical business practices that are inclusive, strategic direction, financial performance,
environmentally conscious, gender-sensitive, and operational activities through its Annual
and supportive of individuals with diverse Report, corporate website, and other official
abilities. The Company ensures that social and communication channels.
environmental considerations are fully integrated
into the formulation of its strategies, policies, and To strengthen investor relations, the Company
operational procedures. conducts regular corporate briefing sessions with
investors and research analysts, offering updates
IMC consistently demonstrates its commitment on performance and forward-looking plans.
to responsible corporate citizenship by actively
engaging with and contributing to the well-being The Company’s stakeholder engagement policy
of the communities and ecosystems in which it employs a variety of communication tools and
operates. We firmly believe that the Company’s methods to effectively understand and address
long-term success is intrinsically linked to the stakeholder concerns. Engagement strategies
development of the communities we serve. are tailored to align with business decisions,
operational priorities, and organisational goals.
The Social and Environmental Policy is fully
aligned with our corporate values and affirms Communication frequency is guided by regulatory
IMC’s unwavering dedication to sustainable requirements under the Code of Corporate
development across Pakistan. Governance, contractual obligations, and business
needs. Internal communication with employees
Our People is facilitated through in-house newsletters,
climate surveys, employee portals, and digital
At IMC, human capital is regarded as the bulletin boards, promoting transparency and
Company’s most valuable asset. The organisation organisational alignment.
is committed to fostering a professional
environment that enables employees to realise Investors Grievance Policy
their full potential and build meaningful careers.
Key principles guiding this commitment include: At IMC, we place the highest value on our
relationships, particularly with our investors and
l
Upholding Human Rights: IMC strictly shareholders. We are committed to maintaining
adheres to its Code of Conduct, which affirms their trust through transparent communication
the Company’s dedication to human rights, and efficient resolution of concerns. To this end,
fair labor practices, and equal employment the Company has established a comprehensive
opportunities for all individuals, regardless of Investor Grievance Policy to guide the handling
background. and resolution of investor and shareholder
complaints in a timely and effective manner.
l
Zero Tolerance for Labor Violations: The
Company ensures that its operations do not, The objective of this policy is to protect the interests
directly or indirectly, engage in or support of all investors and ensure their grievances are
human rights violations such as forced labor or addressed promptly, fairly, and professionally.
child labor. In line with this policy, IMC does
not employ minors at any of its sites. The Company adheres to a standard practice of
resolving all investor grievances within ten (10)
l
Inclusion of Differently-Abled Individuals: working days of receipt. Formal responses are
Employment opportunities are extended to issued to the complainant and, where applicable,
differently-abled persons wherever operationally are shared with the Share Registrar, SECP, and
feasible, reinforcing the Company’s inclusive Stock Exchange.
employment philosophy.

Annual Report 2025 65

All investor complaints—regardless of the inappropriate conduct through confidential and
channel through which they are received—are well-defined reporting channels, with assurance
recorded and maintained by the Corporate of non-reprisal and responsible follow-up.
Secretariat, along with corresponding
resolutions, ensuring accountability and Company’s Approach to Managing and Reporting
traceability in line with regulatory expectations. Policies

IMC adopts a structured and diligent approach to

Employee Health and Safety Policy policy management and reporting, underscoring
At IMC, the health and safety of employees is its unwavering commitment to transparency,
our top organisational priority. The Company is accountability, and ethical business practices.
fully committed to integrating Safety, Health, Recognizing that well-defined policies serve as the
and Environmental (SHE) considerations into cornerstone of a resilient organizational structure,
its strategic planning, policy development, and the Company has implemented a comprehensive
operational procedures. The Health and Safety framework that governs policy formulation,
Policy is designed to uphold global best practices, communication, execution, and periodic review.
safeguard personnel, and ensure environmental All policies are developed with input from relevant
responsibility across all operations. stakeholders, aligned with legal requirements
IMC recognises that safety, health and welfare and industry best practices. To ensure clarity and
of employees, contractors, visitors and persons accessibility, policies are disseminated through
present at IMC premises are our responsibility. the Company’s intranet platform and reinforced
We are committed to ensure a safe and healthy through regular training sessions aimed at
working environment for all personnel and enhancing employee awareness and ensuring
prevention of work-related injuries and illness compliance across all functions.
by providing and maintaining a safe and healthy These policies provide clear operational and
working environment in compliance with the reporting guidelines for management and
relevant safety and health rules and regulations. stakeholders, covering key areas such as
Safety will always take precedence over procurement, waste management, and emissions
production, sales and profits. control. Each policy is periodically reviewed
To monitor and control Safety, Health and to reflect evolving regulatory requirements,
Environment (SHE) activities, a SHE Committee operational improvements, and alignment with
of management is already in place chaired by international standards of corporate governance.
the Chief Executive, which formulates the day to I.T. Governance
day policies, processes and framework to ensure
implementation and compliance of the overall Recognising Information Technology (IT)
SHE policy. The meeting of SHE Committee is held Governance as an integral component of its
every month. The SHE Committee shall ensure broader Corporate Governance structure, IMC
that the guiding principles are being followed and has strategically aligned its IT resources to
the responsibilities according to the SHE policy drive operational efficiency, support long-term
are being complied by all the stakeholders. business objectives, and enhance shareholder
value.
Whistle Blowing Policy and Ethical Reporting
Framework To this end, the Company has established an
IT Steering Committee tasked with providing
In alignment with IMC’s unwavering commitment strategic oversight, setting enterprise-wide IT
to integrity, transparency, and accountability, priorities, and monitoring the implementation of IT
a robust Whistle Blowing Mechanism has been policies. The Committee operates under a formally
implemented to foster a workplace culture defined mandate and convenes periodically to
where concerns related to unethical behavior, address key areas including:
regulatory non-compliance, occupational fraud,
or violations of the Company’s Code of Conduct l
Defining the Company’s strategic technology
can be reported without fear of retaliation. roadmap;
This policy is structured to provide a secure and l
Ensuring alignment between IT and business
confidential platform to report any conduct strategies;
that may adversely impact the interests of the
Company. l
Strengthening information security and data
protection protocols;
IMC encourages all eligible stakeholders under
the policy to actively participate in the ethical l
Overseeing the design and development of
stewardship of the Company by reporting technology solutions, services, and policies;

66
l
Managing business continuity and disaster Compliance with the Code of Corporate
recovery planning. Governance

This governance framework ensures that IT In alignment with its commitment to best
remains a key enabler of sustainable growth and Governance practices, the Board of Directors
operational excellence across the organization. maintained full compliance throughout the
financial year 2024–25 with the provisions of
Business Continuity and Disaster Recovery Plan the Code of Corporate Governance, the Listing
Regulations of the Pakistan Stock Exchange, and
The Board of Directors ensures that a
the Financial Reporting Framework as prescribed
comprehensive and regularly updated Business
by the Securities and Exchange Commission of
Continuity and Disaster Recovery (BCDR) Plan is in
Pakistan (SECP).
place to safeguard the uninterrupted operations
of the Company in the event of extraordinary Included within this Report are the BARC’s
circumstances. report on adherence to the Code of Corporate
Governance, the Statement of Compliance by
This plan is designed to protect critical business
the Chairman, and the Review Report issued by
functions and organisational assets through
the Company’s External Auditors—all of which
robust measures including systematic data
collectively reaffirm the Company’s dedication to
archival, real-time backups, and secure off-site
regulatory compliance and transparency.
storage. The Board provides oversight to ensure
that management has implemented adequate Presence of the Chairman of the Board Audit &
IT security protocols, high-availability systems, Risk Committee (BARC) at the General Meetings
and a fully functional disaster recovery facility
(alternate data center). During the FY-2025 one Annual General Meeting
took place. The Chairman of the BARC attended
Furthermore, the plan identifies key personnel the meeting wherein he was available to answer
responsible for disaster response and mandates any question pertaining to the BARC’s activities.
regular testing of the BCDR protocols to validate
the resilience and preparedness of IT infrastructure
in the face of potential disruptions.

Annual Report 2025 67

COMPOSITION OF
GOVERNANCE COMMITTEES
IMC has a range of long-standing in-house committees’ responsible for monitoring and discussing
management and corporate activities from viewpoints of various stakeholders to make prompt decisions
for developing strategies, speeding up operations while ensuring heightened transparency and the
fulfilment of social obligations. IMC has a unique corporate culture that places emphasis on problem
solving and preventative measures in line with the Toyota Global Standards.
IMC follows the Guiding Principles at Toyota and not only complies with local laws and regulations, but
also meets social norms, corporate ethics and expectations of various stakeholders. IMC undertakes
open and fair corporate activities to meet local standards as well as the Toyota Global Standards.

THE BOARD CONSTITUTED COMMITTEES Board Ethics Committee

Board Audit & Risk Committee (BARC) The Board Ethics Committee is responsible for
overseeing the Company’s ethical standards and
The Board Audit & Risk Committee comprises ensuring compliance with applicable policies
five Non-Executive Directors, including two and regulations. It facilitates prompt action on
Independent Directors, and is chaired by an disclosures related to unethical practices and
Independent Director. The Committee supports misconduct, and is entrusted with the review and
the Board in fulfilling its oversight responsibilities investigation of whistle-blowing reports.
related to financial reporting, regulatory
compliance, internal controls, risk management, The Committee comprises the Chief Executive
and both internal and external audit functions. Officer and two Independent Directors, and is
chaired by an Independent Director to uphold
Operating under a clearly defined Terms of impartiality and objectivity in its proceedings.
Reference approved by the Board, the Committee
ensures its activities remain aligned with corporate Board Share Transfer Committee
governance standards. As part of its governance
practice, the Committee holds separate sessions The Board Share Transfer Committee, constituted
with both the external and internal auditors— by the Board of Directors, is authorized to review
without the presence of management—to facilitate and approve all share transfer requests. All
open discussion on any significant matters arising resolutions passed by the Committee are duly
during the audit process. presented to the Board for notation in subsequent
meetings, ensuring transparency and oversight in
The Committee affirms that it has effectively shareholding matters.
discharged its duties in accordance with its Terms
of Reference. Additionally, a formal mechanism
exists for the annual performance evaluation of
the Board Risk & Audit Committee.

Board Human Resources and Remuneration

Committee

The Board HR & Remuneration Committee operates

as a sub-committee of the Board of Directors and
is responsible for formulating and recommending
Human Resource Management policies to the
Board. Its mandate includes advising on the
selection, performance evaluation, compensation,
and succession planning for the Chief Executive
Officer and senior management team members
who report directly to the CEO.

The Committee comprises three Non-Executive

Directors, including two Independent Directors,
one Executive Director, and the CEO. It is chaired
by an Independent Director, ensuring objectivity
and independence in all deliberations.

68
THE MANAGEMENT’S
CONSTITUTED COMMITTEES
Investment Committee Safety, Health and Environment Steering
Committee
The Investment Committee supports the Board in
discharging its oversight responsibilities related The S.H.E. (Safety, Health, and Environment)
to the Company’s capital investments. It evaluates Steering Committee convenes on a monthly basis
proposed capital expenditures and submits to monitor company-wide S.H.E. performance,
recommendations for the Board’s consideration including statistical trends, KPIs, and compliance
and approval. The Committee is also tasked with applicable local regulations. The Committee
with formulating Company-wide policies for plays a pivotal role in embedding a culture of
investments in fixed assets, which are subject to safety and environmental responsibility across the
Board approval, and with establishing guiding organization, starting from the top leadership.
principles to effectively implement these policies.
Chaired by the Chief Executive Officer, the
The Committee comprises the Chief Executive Committee provides strategic oversight and
Officer (CEO), two Directors, the Chief Financial formulates the Company’s overarching S.H.E.
Officer (CFO), and the Company Secretary and the policies and framework. It enables senior
Head of the Departments. management to gain direct insight into
operational-level S.H.E. challenges and facilitates
Marketing Technical Coordination Committee timely and effective resolution through informed
decision-making.
The Marketing Technical Coordination Committee
is tasked with ensuring strategic alignment and IT Steering Committee
operational coordination between the Marketing
and Technical departments. The Committee The I.T. Steering Committee meets regularly to
oversees the management and approval of provide strategic oversight of the Company’s
new product introductions and modifications Information Technology landscape, ensuring
to existing model specifications, along with alignment between business objectives and
associated timelines. technology initiatives. The Committee is
responsible for setting I.T. priorities, guiding
Chaired by the Chief Executive Officer (CEO), technology investments, and overseeing the
the Committee convenes on a monthly basis implementation of policies related to information
and includes key representatives from both the security, infrastructure, and innovation.
Marketing and Technical functions.
Chaired by the Senior General Manager Product
ACT #1 Management Committee Developement, the Committee supports business
continuity, data protection, and the development
The ACT #1 Management Committee is mandated
of scalable, integrated technology solutions. It
to oversee the organisation’s key performance
plays a key role in driving digital transformation
indicators (KPIs) and monitor financial performance
while ensuring compliance with relevant regulatory
on a monthly basis. The Committee evaluates
and cybersecurity standards.
departmental goals and the progress achieved
against defined targets.

Additionally, the Committee reviews developments

in government regulations and macroeconomic
conditions to inform the Company’s strategic
direction and risk management framework.
Meetings are chaired by the Chief Executive
Officer (CEO) and also the members include two
Executive Directors and all Head of Departments.
The meeting is attended by senior representatives
from all functional departments.

Annual Report 2025 69

REPORT OF THE BOARD AUDIT
& RISK COMMITTEE (BARC)
The BARC of Indus Motor Company Limited (“the Company”) is constituted by the Board of Directors and
has five (05) members, three (03) non-executive and two (02) independent directors. The Chairman of
the Committee, Mr. Asif Qadir, is an Independent Director. The BARC possesses significant economic,
financial and business acumen. The Company’s Head of Internal Audit has been appointed as Secretary
of BARC. This year on the direction of the Board, the Board Audit Committee was given additional
responsibility of Risk Management Committee. As such the committee was renamed as the “Board Audit
and Risk Committee” (BARC) by incorporating the relevant Terms of Reference (TORs).
During the year, five meetings of the BARC were held including one meeting exclusively on Risk
management agenda. Chief Executive Officer and Chief Financial Officer also attended the meetings
upon invitation. The External auditors of the Company attended one meeting and discussed matters
related to conduct of annual audit activity, audited Financial statements of the company and related
matters in absence of Chief Financial Officer, Chief Internal auditor and management of the Company.
The BARC has concluded its annual review of the conduct and operations of the Company for the year
ended June 30, 2025 and reports that:
1. The BARC reviewed quarterly, half-yearly and annual financial statements of the Company and
has recommended for approval of the Board of Directors. It also reviewed preliminary
announcements of results prior to external communication and publication;

2. The financial statements of the Company for the year ended June 30, 2025, have been prepared
on a going concern basis under requirements of Companies Act 2017, incorporating the
requirements of the Code of Corporate Governance, International Financial Reporting Standards
and other applicable laws & regulations.

3. These financial statements present a true and fair view of the state of the Company’s affairs as of
June 30, 2025 and of the profit and other comprehensive loss, the changes in equity and its cash
flows for the year then ended.

4. Appropriate accounting policies have been consistently applied, and all applicable accounting
standards were followed in preparation of the financial statements for the year ended June 30,
2025.

5. Accounting estimates are based on reasonable and prudent judgment. Proper and adequate
accounting records have been maintained by the Company in accordance with the applicable
laws and financial reporting is consistent with management processes and is adequate for
shareholders’ needs.

6. The BARC has reviewed the related party transactions and recommended the same for
approval of the Shareholders in the Annual General Meeting after ratification from the Board
of Directors.

7. The Company has issued a “Statement of Compliance with Listed Companies (Code of Corporate
Governance) Regulations, 2019” which has also been reviewed by the External Auditors of the
Company.

8. The CEO and CFO endorsed the financial statements before presentation of the same to BARC
for the approval and recommendation to board. They acknowledge their responsibility for true
and fair presentation of the Company’s financial statements, accuracy of reporting, compliance
with regulations & applicable accounting standards, establishment & maintenance of internal
controls and systems of the company.

9. During the year, one meeting of the Risk Management Committee was held, in which the major
risks to the Company and the corresponding mitigation controls were discussed in detail.

10. BARC has reviewed and taken assurance that important financial, operational and compliance
controls are in place. Moreover, risk mitigation policies & measures and internal accounting &
control systems are effective.

11. The Management has established an independent ‘Speak Up’(whistleblowing) mechanism,

enabling employees to directly approach Internal Audit and the Board Ethics Committee with
concerns relating to potential improprieties in financial or other matters. The Committee

70
 periodically reviews the effectiveness of this mechanism to ensure that employees and
management have a reliable channel to report concerns to the BARC, and that all reported
matters are thoroughly scrutinised. During the year, three (03) cases were reported to the BARC,
along with the actions taken and preventive measures implemented by management.

12. Based on the results of the last annual self-evaluation, the BARC expressed satisfaction with
its overall performance. The Committee members undertook the Self-Evaluation of the BARC,
covering its structural composition, overall performance, awareness of key risks to the Company,
adequacy of internal control and risk management frameworks, and the quality of deliberations
at meetings.

Annual Report 2025

13. BARC believes that the Company has issued a very comprehensive Integrated Annual Report,
which gives fair, balanced and understandable information to offer an in-depth understanding
about the management style, the policies set in place by the Company, its performance during
the year, and future prospects to various stakeholders of the Company.

14. The annual report also includes various trends, financial analysis, explanatory notes and
statements to help the relevant stakeholders understand the company’s state of affairs and
future prospects.

Internal Audit Function

15. The BARC has effectively implemented the internal control framework through an in-house
Internal Audit function, which is independent of the External Audit function. The Company’s
system of internal controls is sound in design and has been continually evaluated for effectiveness
and adequacy.

16. In accordance with the BARC approved Internal audit plan, the Internal audit department carried
out independent audits. The BARC monitored Internal audit progress against the plan every
quarter, reviewed significant audit findings and recommendations together with the
management responses thereon, and took necessary action or referred matters to the Board
where necessary. The BARC also closely monitors the status of open / outstanding audit
observations and ensures that appropriate action plans are in place for their timely resolution.

17. The Internal Audit has direct access to the Chairman of the BARC and the committee has ensured
staffing of personnel with sufficient internal audit acumen and that the function has all necessary
access to management and the right to seek information and explanations.

External Auditors

18. The BARC evaluated the performance of the External Auditor using a pre-approved evaluation
framework, taking into consideration the satisfactory QCR rating by ICAP, maintenance of
independence, adherence to ethical and professional standards, timely completion of the
statutory audit, and the clarity and comprehensiveness of the Covering Letter, Audit Report,
and Management Letter.

19. Appointment of external auditors and fixing of their audit fee was reviewed and the BARC
recommended to the Board of Directors for re-appointment of M/s. A.F. Ferguson & Co.,
Chartered Accountants, as external auditors for the year ending June 30, 2026. Being one of the
Big Four Audit firms, and as per the aforementioned evaluation, the BARC is satisfied with the
integrity, objectivity and effectiveness of the services provided by the firm. The current
engagement partner has started his tenure from FY 2022-2023.

20. M/s. A.F. Ferguson & Co., Chartered Accountants has been given a satisfactory rating under the
Quality Control Review Program of the Institute of Chartered Accountants of Pakistan (ICAP and
they are registered with Audit Oversight Board of Pakistan. The firm is fully compliant with the
International Federation of Accountants (IFAC) Guidelines on Code of Ethics, as adopted by ICAP
and have submitted their consent to continue as auditors for the year ending June 30, 2026.

_______________________________
Asif Qadir
Chairman Board Audit & Risk Committee

Annual Report 2025 71

 Review
CHAIRMAN’S

MOHAMEDALI R. HABIB
Chairman

72
Dear Shareholders, This performance is a testament to the resilience
of our teams, the loyalty of our customers, and the
The year under review, FY 2024–25, marked a period
trust of our shareholders.
of cautious optimism for Pakistan’s economy and
for our industry. While challenges persisted, the Industry & Policy Context
broader macroeconomic environment reflected While the industry’s recovery is encouraging, the
signs of stabilization, offering hope of a stronger risks of inconsistent policies remain. The continued
foundation for the years ahead. surge in used-vehicle imports undermines the
Pakistan achieved a historic fiscal milestone sustainability of domestic capacity, which today
with its highest-ever primary surplus of PKR operates at just over one-third of its installed
2.7 trillion, inflation dropped to its lowest 500,000-unit potential. To protect jobs, attract
level in years, and the rupee remained broadly investment, and encourage technology transfer,
stable. At the same time, foreign exchange we strongly urge policymakers to maintain a
reserves grew steadily, supported by record balanced import policy that safeguards the future
remittances. These developments helped restore of local manufacturing while offering choice to
consumers.
a measure of confidence across businesses and
consumers alike. Yet, vulnerabilities remain, We also welcome the government’s focus on
including subdued foreign investment, structural energy efficiency, technology adoption, and
bottlenecks in agriculture and industry, and a fiscal discipline. However, frequent changes in
heavy external debt burden. tariff and taxation policies, particularly those
impacting smaller engine segments, continue to
Amid this evolving environment, the automotive create uncertainty for both manufacturers and
sector rebounded sharply, turning the corner after consumers. A consistent, long-term approach
a challenging prior year. Passenger car and light will be essential to unlock the full potential of the
commercial vehicle sales surged 43% to around sector.
148,000 units (PAMA results), supported by lower
financing costs, improved consumer confidence, Looking Ahead
and the launch of attractive new models, As we move into FY 2025–26, we remain cautiously
particularly hybrids. However, the resurgence of optimistic. Lower interest rates, moderating
used vehicle imports, estimated at nearly 40,000 inflation, and growing adoption of hybrid and
to 45,000 units in this financial year and now electric vehicles provide tailwinds for further
accounting for almost one third of the domestic expansion. We expect demand momentum to
market compared to less than 10 percent until continue, though external vulnerabilities and
2023, marks a sharp shift. This sudden surge in structural constraints must be carefully managed.
used car import is not only undermining the long- Our strategic priorities remain unchanged:
term viability of domestic manufacturing but is
also exerting additional pressure on the country’s l
Deepening localization to reduce dependence
foreign exchange reserves. on imports.
Company Performance l
Introducing advanced and sustainable mobility
solutions aligned with consumer needs and
Against this backdrop, I am pleased to report environmental imperatives.
that your Company delivered an improved
performance in FY 2024–25. Unit sales rose to
l
Maintaining financial discipline and operational
33,757, up 56% from the prior year, led by the excellence.
successful launch of the Yaris facelift in July 2024, l
Strengthening engagement with government
which drove an 84% increase in the passenger and stakeholders to ensure an enabling
car segment. The commercial vehicle segment environment for long-term industry growth.
also grew 32% as business and fleet demand
Above all, our focus is on delivering quality, safety,
strengthened. Although volumes are still below
and value to our customers, while generating
historic highs, the growth achieved this year
sustainable returns for our shareholders.
highlights encouraging signs of recovery and
renewed customer confidence.” Acknowledgements
As a result, net sales revenue rose to PKR 215.14 On behalf of the Board, I wish to extend heartfelt
billion, up from PKR 152.48 billion in FY 2023–24. appreciation to our employees, dealers, vendors,
Through prudent cost management, increased and partners for their hard work and dedication in
localization, and favorable exchange rate navigating a challenging yet rewarding year. We
fluctuations, profit before tax and levies increased are equally grateful to our shareholders for their
to PKR 37.67 billion, compared to PKR 23.33 billion trust and confidence in the Company.
the previous year. Other income also contributed We pray to Allah Almighty to continue blessing
around 40% to the profit before tax, marking a 10% our efforts and to guide us in our commitment
increase over last year. Consequently, earnings per to building a stronger future for Pakistan’s
share improved to PKR 292.71, compared to PKR automotive industry.
191.78 in FY 2023–24. Net profit after tax reached
PKR 23.01 billion, up from PKR 15.07 billion in the Mohamedali R. Habib
prior year. Chairman

Annual Report 2025 73

Report
DIRECTORS’

74
The Directors of Indus Motor Company Limited take pleasure in presenting the Directors’ Report,
together with the Audited Financial Statements of the Company for the year ended June 30, 2025:

This report has been prepared in accordance with Section 227 of the Companies Act, 2017 and Listed
Companies (Code of Corporate Governance) Regulations, 2019 and will be submitted to the shareholders
at the 36th Annual General Meeting of the Company to be held on October 9, 2025.

Financial Results, Appropriations and Subsequent Effects

The financial results and appropriations for the year ended June 30, 2025 are as follows:

2025 2024
(Rupees in ‘000)
Profit After Taxation 23,009,659 15,072,426
Other Comprehensive (Loss) – net of tax (64) (875)
OCI & Un-appropriated Profit brought forward 413,093 856,962
23,422,688 15,928,513
Appropriations
1st Interim Dividend @ 390% i.e. Rs.39.00 per share (2024: 245% i.e. Rs.24.50 per share) 3,065,400 1,925,700
nd
2 Interim Dividend @ 370% i.e. Rs.37.00 per share (2024: 132% [Link].13.20 per share) 2,908,200 1,037,520
rd
3 Interim Dividend @ 500% i.e. Rs.50.00 per share (2024: 340% i.e. Rs.34.00 per share) 3,930,000 2,672,400
9,903,600 5,635,620
Unappropriated Profit Carried Forward at year end 13,519,088 10,292,893

Subsequent Effects
Proposed Final Dividend @ 500% i.e. Rs. 50 per share (2024: 430% i.e. Rs. 43 per share) 3,930,000 3,379,800
Proposed Transfer to General Reserves 9,000,000 6,500,000
12,930,000 9,879,800
Basic and Diluted Earnings per share (Rupees) 292.74 191.76

Principal Activities of the Company

Indus Motor Company Limited (the Company) was incorporated in Pakistan as a public limited company
in December 1989 and started commercial production in May 1993. The shares of the Company are
quoted on the Pakistan Stock Exchange. The Company’s principal activity is the assembly, progressive
manufacturing and marketing of Toyota vehicles in Pakistan.

Company Performance

Indus Motor Company reported a solid performance during the year ended June 30, 2025, with total
sales of CKD and CBU units increasing by 60% to 33,757 units, up from 21,063 units in the corresponding
period last year. The company maintained a market share of approximately 14.6% in the domestic
automotive sector. Vehicle production nearly doubled, increasing by 70% to 33,251 units from 19,598
units.

Net sales revenue rose to Rs. 215.14 billion, from Rs. 152.48 billion in the previous year’s same period.
Profit after tax increased significantly to Rs. 23.01 billion, as compared to Rs. 15.07 billion last year. The
increase in revenue and profitability is mainly on account of higher sales volume, decline in material
costs driven by a relatively favorable exchange rate, and effective cost reduction initiatives and increased
localization of parts or components. Moreover, return on investments and bank placements continue to
be a sizeable part of the company’s profile, and have shown growth in current year as well.

Contribution to National Exchequer

During the year, the Company contributed a sum of Rs. 111 billion to the national exchequer, which
is around 1% of total tax revenue collection by the Government of Pakistan. Since, the Company’s
incorporation in 1989, our contribution stands in excess of Rs. 891 billion.

Annual Report 2025 75

Principal Risk, Uncertainties and Sustainability Risk

The Company’s overall financial performance has improved in current year, mainly based on increase
in volumes on account of facelift model of Toyota Yaris and new Hybrid Electric Vehicle sales of Corolla
Cross and overall improvement in the economic conditions resulting in partial growth of the industry
volumes. The Company also have positive results on account of cost reduction measures, coupled with
favorable exchange movements of JPY and USD against PKR, thereby reducing cost of input materials.
Currency fluctuations, inflation, and international commodity prices, continue to be vital factors that
impact the cost structure of the Company.

The Company regularly evaluates sustainability-related risks, focusing on Environmental, Social and
Governance (ESG) factors. Recent assessments have emphasized climate-related risks, including the
impact of regulatory changes. To address these risks, the Company employs several strategies:
l
Risk Mitigation: Company invests in renewable energy projects, such as installation of solar
power panels across the factory buildings, which reduces its reliance on non-renewable energy
sources and decreases its carbon footprint.
l
Monitoring and Adjustment: Company continuously monitors risk factors and adjusts its
strategies to mitigate identified risks effectively.
l
Climate Action: Company has set targets to reduce greenhouse gas emissions and enhance
energy efficiency, with its solar project being a key component of these efforts. The Company
also introduced locally manufactured Hybrid Electric Vehicle (HEV), having low emission and
more fuel-efficient vehicle.

The Company remains committed to managing sustainability risks through various measures and
advancing DE&I (Diversity, Equity and Inclusion) to enhance long-term value and stakeholder trust.

Corporate Social Responsibility (CSR)

As a socially responsible organization, the Company over the past six years, has contributed over Rs 1
billion in aggregate towards various Corporate Social Responsibility (CSR) activities, including but not
limited to donations to hospitals, educational institutes, welfare organization, etc. as well as community
upliftment and road safety.

During the year, the Company has undertaken the following major CSR activities and donations:
l
Donation of an aggregate amount of around Rs. 70 million has been made to various hospitals
and related foundations towards healthcare.
l
Donation of an aggregate amount of around Rs. 35 million released to various educational
institutes.
l
Over 920,000+ tree saplings, in aggregate, planted across the country, under the Company’s
“Million Tree Plantation Program”, since December 2018.
l
The “Toyota 5S Ecological Conservation Program” for students and young adults participating
online.
l
Food rations distributed during Ramadan and other occasions, amongst under privileged
families in neighboring villages, supported by the Company.
l
Free, weekly cooked food distribution in neighboring villages, supported by the Company.
l
Free, weekly medical and fortnightly psychiatric camps in neighboring villages, supported by
the Company.

Impact on Environment

The Company has one of the largest roof-top mounted solar Photovoltaic Plant in Pakistan. In line
with the Toyota Environmental Challenge 2050, the company is striving to adopt green technologies
for reducing GHG (Green-House Gases) emissions and improve the energy mix by continuous
enhancements in the operational processes. Onsite photovoltaic technology has been installed to
reduce energy consumption from conventional sources and increase green energy ratio. The aggregate
installed capacity of onsite solar power is around 6.6MW which is contributing over 25% in our energy
mix. The Company is committed to increase its solar power capacity. It is estimated that our solar plant
is helping to reducing the factory’s carbon footprint by more than 2,500 tons, annually, based on current

76
volumes and also contributes in reducing energy costs. The Company continues to use environment-
friendly gas R-134a in car air-conditioning system, instead of CFC-12.

The Company has been expanding its environmental activities to all its business partners, including
suppliers and dealerships nationwide in order to promote environmental protection and achieve our
global environmental objectives.

Code of Corporate Governance

The Directors of your Company are aware of their responsibilities under the Listed Companies (Code of
Corporate Governance) Regulations, 2019 and the Rule book of Pakistan Stock Exchange. Your Company
has taken all necessary steps to ensure good corporate governance and full compliance with the Code
and we confirm the following:
l
The financial statements, prepared by the management of the Company, present fairly its state
of affairs, the result of its operations, cash flows, and changes in equity;
l
Proper books of account of the Company have been maintained in accordance with the
requirements of the law;
l
Chief Executive and Chief Financial Officer duly endorsed the financial statements before the
approval of the Board;
l
Appropriate accounting policies have been consistently applied in the preparation of financial
statements and accounting estimates are based on reasonable and prudent judgment;
l
International Financial Reporting Standards, as applicable in Pakistan, have been followed in
the preparation of financial statements and any departure therefrom has been adequately
disclosed and explained;
l
The system of internal control is sound in design and has been effectively implemented and
monitored;
l
There are no significant doubts about the Company’s ability to continue as a going concern;
l
Statement of the pattern of shareholding has been included as part of this Annual Report; and
l
Statement of shares held by associated undertakings and related persons have also been
disclosed separately.

Composition of the Board

The composition of the Board of Directors of the Company as on June 30, 2025 is as follows.

1. The total number of Directors are 10 are as follows:

a. Male (including the CEO) 09

b. Female 01

2. The number of Directors under respective categories are as follows:

a) Independent Directors including a Female Director 03

b) Non-Executive Directors 04

c) Executive Directors 03

Board of Directors Meetings

A total of Six (05) meetings of the Board of Directors were held during the twelve-month period from
July 1, 2024 to June 30, 2025. Names of the Directors (at any time during the year) alongwith their
attendance at the Board Meetings is as follows.

Annual Report 2025 77

S. No. Name of Directors Meetings Attended
1 Mr. Mohamedali R. Habib (Chairman) 5
2 Mr. Shinji Yanagi (Vice Chairman) 5
3 Mr. Ali Asghar Jamali (CEO) 5
4 Mr. Riyaz T. Chinoy (Independent Director) 5
5 Mr. Asif Qadir (Independent Director) 5
6 Mr. Imran A. Habib (Director) 5
7 Mr. Muhammad H. Habib (Director) 5
8 Mr. Akihiro Murakami / Mr. Giri Venkatesh (Director) 5
9 Mr. Shigeki Furuya (Director) 5
10 Ms. Syeda Tatheer Zehra Hamdani (Independent Director) 5
Changes in Directors

The Board of Directors appointed Mr. Giri Venkatesh as a Director of the Board following the resignation
of Mr. Akihiro Murakami, effective February 27,2025. The Board express its sincere appreciation to
Mr. Murakami for his valuable contributions to the company and extends a warm welcome to new
director appointed in current year.

Committees of the Board

The Board has formed the following Committees and details of members are as under:

1. Board Audit & Risk Committee

1) Mr. Asif Qadir, Chairman
2) Mr. Riyaz T. Chinoy
3) Mr. Muhammad H. Habib
4) Mr. Imran Ali Habib
5) Mr. Giri Ventakesh

2. Board Human Resources & Remuneration Committee

1) Syeda Tatheer Zehra Hamdani, Chairperson
2) Mr. Mohamedali R. Habib
3) Mr. Riyaz T. Chinoy
4) Mr. Shinji Yanagi
5) Mr. Ali Asghar Jamali

3. Board Ethics Committee

1) Mr. Riyaz T. Chinoy, Chairman
2) Syeda Tatheer Zehra Hamdani
3) Mr. Ali Asghar Jamali

Salient Features of Remuneration Policy for Non-Executive Directors

The Board acknowledges the valuable contributions being made by the Non-Executive Directors
(including Independent Directors) and currently a meeting fee is being offered for attendance and
participation at each Board meeting or its Committee, while this does not reflect compensation of their
contributions and just represents a token of appreciation. The Non-Executive Directors may waive their
rights to receive such remuneration for attending and participation in the above meetings.

Remuneration of Executive Directors

The Remuneration of CEO and Executive Directors of the Company for the year ended June 30, 2025, is
given in note 311 to the financial statements.

Gender pay Gap Statement

The Mean gender pay gap and Median gender pay gap for the year ended June 30, 2025 is 3.4% (June
2024; 5.5%) and 9.1% (June 2024; 11.4%), respectively.

78
Internal Control

The Company has employed an effective system of internal controls to carry on the business of the
Company in an orderly manner, safeguard its assets and secure the accuracy and reliability of its records.
The Management supervision and reviews are an essential element of the system of internal controls.
The Management has delegated the function of detailed examination and special review to the team of
internal auditors.

The Board ensures adequacy of internal control activities either directly or through its Committees. The
Board also reviews the Company’s financial operations and position at regular intervals by means of
interim accounts, reports, profitability reviews and other financial and statistical information. Analysis
of budgetary controls is in place and the Board reviews material variances with explanations and actions
taken thereon on periodic basis.

Risk Management

IMC has formal risk management framework to assess the risks faced in the context of the broader
political and macroeconomic environment. The Risk Management System identifies strategic, regulatory,
financial, operational, reputational and sustainability risks related to IMC business activities. The
risks are reviewed by the Management Committee along with departmental objectives, targets and
performance. Appropriate strategies are developed and implemented to minimize the impact of the
identified risks.

The Company has also formulated a risk management structure based on the global practice followed
by Toyota, with the aim of driving the Company growth with managing risk associated with business
adequately.

Financial Statements

International Financial Reporting Standards (IFRS), as applicable in Pakistan and provisions of and
directives issued under the Companies Act, 2017 have been followed in preparation of the financial
statements, where provisions of and directives issued under the Companies Act, 2017 differ from the
IFRS, the provisions of and directives issued under the Companies Act, 2017 have been followed.

The auditors of the Company, M/s. A.F. Ferguson & Co., Chartered Accountants, audited the Financial
Statements of the Company and have issued an unqualified report to the members.

Related Party Transactions

All transactions with related parties have been executed at arm’s length and are in normal course of
business, which have been disclosed in the financial statements under relevant notes.

Material Changes and Commitments

There have been no material changes and commitment affecting the financial position of the Company
that have occurred between the end of the financial year of the Company to which the balance sheet
relates and the date of the report, other than disclosed in the Financial Statements, or in this report.

Appointment of Auditors

The existing auditors, M/s A.F. Ferguson & Co., Chartered Accountant retire and being eligible, offer
themselves for re-appointment. The Directors endorse the recommendation of the Audit Committee for
re-appointment of M/s A.F Ferguson & Co., as the auditors for the year ending June 30, 2026.

Pattern of Shareholding

The Pattern of Shareholding of the Company as at June 30, 2025, is given on pages 320 to 321.

Trading of Shares of the Company

During the year ended June 30, 2025, the Directors, the Executives, and their spouses and minor children
have not carried out any trading of shares of the Company other than that disclosed in the Pattern of
Shareholding.

Key Operating and Financial Data

The Key Operating and Financial Data is mentioned on pages 92 to 93 of the Annual Report.

Annual Report 2025 79

Statement of Compliance with COCG

The Company has fully complied with requirements of the Listed Companies (Code of Corporate
Governance) Regulations 2019. Statement to this effect is annexed with this Report on page 264 and 265.

Chairman’s Review

The Directors of the Company endorse the contents of the Chairman’s Review, dealing with the overall
performance of the Company, future outlook and report on the performance and effectiveness of the
Board.

Acknowledgement

We are grateful to our customers for their continued patronage of our products and wish to acknowledge
the efforts of the entire Indus Motor Company’s team, including our staff, vendors, dealers and all
business partners for their untiring efforts in these challenging times and look to their continued
support.

We bow to the Almighty and pray for His blessings and guidance.

Karachi. August 28, 2025

___________________ ___________________

Ali Asghar Jamali Shinji Yanagi

Chief Executive Vice Chairman

80
 OPERATING
Highlights
VEHICLE VEHICLE
Production Sales
2025 2025
33,251 Units 33,757 Units

2024 2024
19,599 Units 21,063 Units

NET EARNINGS
Revenue PER
Share
2025 2025
Rs 215.1 Billion Rs 292.7
2024 2024
Rs 152.5 Billion Rs 191.8
Year ended June 30
2025 2024
l
Profit after Tax Rs in billion 23.0 15.1
l
Vehicle Sales Units 33,757 21,063
l
Vehicle Production Units 33,251 19,599
l
Net Revenues Rs in billion 215.1 152.5
l
Earnings Per Share Rs 292.7 191.8
l
Annual Cash Dividend Per Share Rs 176.0 114.7
l
Shareholders’ Equity Rs in billion 77.0 67.2
l
Contribution to National Exchequer Rs in billion 111.0 69.2
l
Manpower No. of employees 2,089 2,579

Annual Report 2025 81

 FINANCIAL
Summary
% Change Year ended June 30

2025
vs 2024 2025 2024 2023 2022 2021 2020

For the Years

L
Units Sold 58% 33,251 21,063 31,602 75,611 57,731 28,837
L
Net Revenues Rs in billion 41% 215.1 152.5 177.7 275.5 179.2 86.2
L
Profit Before Tax Rs in billion 61% 37.7 23.3 16.8 25.5 18.2 7.3
L
Prot After Tax Rs in billion 53% 23.0 15.1 9.7 15.8 12.8 5.1
L
Return On Equity Percentage 33% 29.9 22.4 16.1 29.3 26.6 12.3

Per Share Data

L
Earnings Per Share Rs 53% 292.7 191.8 123.0 201.0 163.2 64.7
L
Cash Dividends Rs 53% 176.0 114.7 71.8 93.8 103.5 30.0
L
Shareholder’s Equity Rs 14% 979.0 855.3 764.2 687.2 613.3 523.8

At Year-End

L
Total Assets Rs in billion 27% 184.8 145.8 122.8 213.9 133.9 80.3
L
Shareholders’ Equity Rs in billion 15% 77.0 67.2 60.1 54.0 48.2 41.2

Share Performance June 30

L
Price Per Share Rs 10% 1,735.6 1,580.0 943.2 1,144.4 1,254.1 994.9
L
Market Capitalization Rs in billion 10% 136.4 124.2 74.1 90.0 98.6 78.2

Net Revenues Net Income / ROE EPS / Dividend Per Share

Rs. in billion Rs. in billion
% Rs. Rs.
300 24.0 35 350 185
165
250 30 300
20.0
145
25 250
200 16.0 125
20 200 105
150 12.0
275.5

23.0

292.7

15 150 85
215.1

15.8

100 8.0 65
179.2

177.7

15.1

201.0

191.8

10 100
152.5

12.8

163.2

45
123.0
9.7

50 4.0
86.2

5 50
25
5.1

64.7

- 0.0 - 0 5
2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

Net Income ROE (Right scale) EPS Cash Dividend Per Share (Right scale)

82
 STATEMENT OF Value Addition
2025 2024
Rupees in ‘000 % Rupees in ‘000 %
WEALTH GENERATED

l
Gross revenue 289,266,212 95.1% 199,099,157 93.6%
l
Other income 14,949,419 4.9% 13,656,238 6.4%
304,215,631 100.0% 212,755,395 100.0%

l
Bought in material and services and other expenses 165,460,715 54.4% 119,204,319 56.0%
138,754,916 45.6% 93,551,076 44.0%

WEALTH DISTRIBUTED

Employees
l
Salaries, wages and other benefits 5,597,241 4.0% 4,651,482 5.0%

Society
l
Donations towards education, health and
231,426 0.2% 167,972 0.2%
environment

Providers of finance
l
Finance cost 341,857 0.2% 290,283 0.3%

Government
l
Income tax, sales tax, excise duty, customs duty,
103,356,516 74.5% 67,454,739 72.1%
WWF and WPPF

Shareholders
l
Dividend 13,833,600 10.0% 9,015,420 9.6%

Retained within the business for future growth

l
Retained earnings, depreciation and amortization 15,394,276 11.1% 11,971,180 12.8%
138,754,916 100.0% 93,551,076 100.0%

Distribution of wealth

74.5% 72.1%
Government
10.0% 9.6%
Retained within the
business for future
11.1% 12.8%
2025 growth
2024
Shareholders
4.0% 5.0%
Employees
0.2% 0.2%
Providers of finance

0.2% Society 0.3%

Annual Report 2025 83

 VERTICAL Analysis
2025 2024 2023 2022 2021 2020 2025 2024 2023 2022 2021 2020

-------------------- Rs in million -------------------- -------------------- Percentage -------------------

STATEMENT OF FINANCIAL POSITION

Property, plant and equipment 20,423 23,481 24,375 15,040 15,770 16,502 11.05 16.10 19.86 7.03 11.78 20.56
Intangibles 77 67 122 145 40 73 0.04 0.05 0.10 0.07 0.03 0.09
Long-term loans and advances 72 85 77 16 17 12 0.04 0.06 0.06 0.01 0.01 0.01
Long-term investments - - - 7,794 3,127 - - - - 3.64 2.34 -
Long-term deposits 12 10 10 10 10 10 0.01 0.01 0.01 0.00 0.01 0.01
Deferred taxation 2,952 2,757 - 828 231 64 1.60 1.89 - 0.39 0.17 0.08
Stores and spares 588 756 643 513 420 478 0.32 0.52 0.52 0.24 0.31 0.60
Stock-in-trade 21,767 22,826 28,733 26,454 22,289 15,933 11.78 15.65 23.41 12.36 16.65 19.85
Trade debts 9,913 5,993 886 3,091 517 1,142 5.37 4.11 0.72 1.44 0.39 1.42
Loans and advances 2,625 2,977 14,968 9,219 6,263 2,991 1.42 2.04 12.19 4.31 4.68 3.73
Short-term prepayments 78 91 65 50 37 27 0.04 0.06 0.05 0.02 0.03 0.03
Accrued return 35 - 285 341 110 111 0.02 - 0.23 0.16 0.08 0.14
Other receivables 3,971 2,997 2,189 2,738 983 439 2.15 2.06 1.78 1.28 0.73 0.55
Short-term Investments 116,863 76,541 44,148 140,932 82,052 41,195 63.25 52.49 35.96 65.87 61.28 51.31
Taxation - payment less provision - - - - - 131 - - - - - 0.16
Cash and bank balances 5,398 7,240 6,263 6,794 2,040 1,171 2.92 4.96 5.10 3.18 1.52 1.46
Total Assets 184,774 145,820 122,764 213,965 133,906 80,279 100.00 100.00 100.00 100.00 100.00 100.00

Issued, subscribed and paid up capital 786 786 786 786 786 786 0.54 0.54 0.64 0.37 0.59 0.98
Reserves 76,167 66,440 59,284 53,225 47,415 40,383 41.22 45.56 48.29 24.88 35.41 50.30
Shareholders' Equity 76,953 67,226 60,070 54,011 48,201 41,169 41.65 46.10 48.93 25.24 36.00 51.28
Long Term Liability 160 200 240 280 745 479 0.09 0.14 0.20 0.13 0.56 0.60
Deferred taxation - - 311 - - - - - 0.25 - - -
Deferred Revenue 21 13 3 1 4 32 0.01 0.01 0.00 0.00 0.00 0.04
Trade, dividend and other payables 64,130 48,116 46,929 42,260 31,069 14,065 34.71 33.00 38.23 19.75 23.20 17.52
Advances from customers and dealers 34,108 22,041 9,736 111,990 51,267 24,534 18.46 15.12 7.93 52.34 38.29 30.56
Taxation - provision less payment 9,403 8,224 5,475 5,423 2,620 - 5.09 5.64 4.46 2.53 1.96 -
Total Equity and Liabilities 184,774 145,820 122,764 213,965 133,906 80,279 100.00 100.00 100.00 100.00 100.00 100.00

PROFIT OR LOSS ACCOUNT

Net Sales 215,137 152,481 177,711 275,506 179,162 86,167 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales 183,941 133,099 169,779 257,101 162,508 78,716 85.50 87.29 95.54 93.32 90.70 91.35
Gross profit 31,195 19,382 7,931 18,404 16,654 7,451 14.50 12.71 4.46 6.68 9.30 8.65
Distribution costs 2,264 5,542 1,691 2,124 1,619 1,469 1.05 3.63 0.95 0.77 0.90 1.70
Administrative expenses 3,604 2,643 2,281 2,219 1,465 1,385 1.68 1.73 1.28 0.81 0.82 1.61
Other operating expenses 241 178 520 186 76 197 0.11 0.12 0.29 0.07 0.04 0.23
WPPF and WWF 2,102 1,178 680 1,244 740 232 0.98 0.77 0.38 0.45 0.41 0.27
Operating income 14,949 13,656 14,179 12,936 5,579 3,205 6.95 8.96 7.98 4.70 3.11 3.72
Operating profit before finance costs 37,934 23,497 16,938 25,567 18,333 7,373 17.63 15.41 9.53 9.28 10.23 8.56
Finance costs 264 170 141 114 134 86 0.12 0.11 0.08 0.04 0.07 0.10
Profit before taxation 37,670 23,327 16,797 25,453 18,199 7,287 17.51 15.30 9.45 9.24 10.16 8.46
Taxation 14,661 8,255 7,133 9,651 5,371 2,205 6.81 5.41 4.01 3.50 3.00 2.56
Profit after taxation 23,010 15,072 9,664 15,802 12,828 5,082 10.70 9.88 5.44 5.74 7.16 5.90

84
 HORIZONTAL Analysis
2025 2024 2023 2022 2021 2020 2025 2024 2023 2022 2021
vs vs vs vs vs
2024 2023 2022 2021 2020
-------------------- Rs in million --------------------- ------------------ Percentage ------------------

STATEMENT OF FINANCIAL POSITION

Property, plant and equipment 20,423 23,481 24,375 15,040 15,770 16,502 (13.02) (3.67) 62.07 (4.63) (4.44)
Intangibles 77 67 122 145 40 73 15.23 (45.08) (15.86) 262.50 (45.21)
Long-term loans and advances 72 85 77 16 17 12 (14.99) 11.11 378.13 (5.88) 41.67
Long-term investments - - - 7,794 3,127 - - - (100.00) 149.25 -
Long-term deposits 12 10 10 10 10 10 22.73 - - - -
Deferred taxation 2,952 2,757 - 828 231 64 7.06 - (100.00) 260.94 115.06
Stores and spares 588 756 643 513 420 478 (22.25) 17.57 25.34 22.14 (12.13)
Stock-in-trade 21,767 22,826 28,733 26,454 22,289 15,933 (4.64) (20.56) 8.61 18.69 39.89
Trade debts 9,913 5,993 886 3,091 517 1,142 65.42 576.41 (71.34) 497.87 (54.73)
Loans and advances 2,625 2,977 14,968 9,219 6,263 2,991 (11.81) (80.11) 62.36 47.20 109.39
Short-term prepayments 78 91 65 50 37 27 (14.45) 40.00 30.00 35.14 37.04
Accrued return 35 - 285 341 110 111 - (100.00) (16.42) 210.00 (0.90)
Other receivables 3,971 2,997 2,189 2,738 983 439 32.51 36.91 (20.05) 178.54 123.92
Short-term Investments 116,863 76,541 44,148 140,932 82,052 41,195 52.68 73.37 (68.67) 71.76 99.18
Taxation - payment less provision - - - - - 131 - - - - (78.77)
Cash and bank balances 5,398 7,240 6,263 6,794 2,040 1,171 (25.44) 15.59 (7.82) 233.04 74.21
Total Assets 184,774 145,820 122,764 213,965 133,906 80,279 26.71 18.78 (42.62) 59.79 66.80

Issued, subscribed and paid up capital 786 786 786 786 786 786 - - - - -
Reserves 76,167 66,440 59,284 53,225 47,415 40,383 14.64 12.07 11.38 12.25 17.41
Shareholders' Equity 76,953 67,226 60,070 54,011 48,201 41,169 14.47 11.91 11.22 12.05 17.08
Long Term Liability 160 200 240 280 745 479 (20.04) (16.63) (14.29) (62.45) 55.62
Deferred taxation - - 311 - - - - - - - (115.06)
Deferred Revenue 21 13 3 1 4 32 59.88 307.40 200.47 (72.05) (88.13)
Trade, dividend and other payables 64,130 48,116 46,929 42,260 31,069 14,065 33.28 2.53 11.05 36.02 120.90
Advances from customers and dealers 34,108 22,041 9,736 111,990 51,267 24,534 54.75 126.39 (91.31) 118.44 108.96
Taxation - provision less payment 9,403 8,224 5,475 5,423 2,620 - 14.34 50.21 0.96 2,100.00 -
Total Equity and Liabilities 184,774 145,820 122,764 213,965 133,906 80,279 26.71 18.78 (42.62) 59.79 66.80

PROFIT OR LOSS ACCOUNT

Net Sales 215,137 152,481 177,711 275,506 179,162 86,167 41.09 (14.20) (35.50) 53.77 107.92
Cost of sales 183,941 133,099 169,779 257,101 162,508 78,716 38.20 (21.60) (33.96) 58.21 106.45
Gross profit 31,195 19,382 7,931 18,404 16,654 7,451 60.95 144.38 (56.91) 10.51 123.51
Distribution costs 2,264 5,542 1,691 2,124 1,619 1,469 (59.15) 227.78 (20.40) 31.20 10.21
Administrative expenses 3,604 2,643 2,281 2,219 1,465 1,385 36.37 15.86 2.82 51.44 5.78
Other operating expenses 241 178 520 186 76 197 35.17 (65.80) 179.28 145.22 (61.42)
WPPF and WWF 2,102 1,178 680 1,244 740 232 78.42 73.20 (45.33) 68.12 218.97
Operating income 14,949 13,656 14,179 12,936 5,579 3,205 9.47 (3.69) 9.61 131.86 74.07
Operating profit before finance costs 37,934 23,497 16,938 25,567 18,333 7,373 61.44 38.72 (33.75) 39.46 148.65
Finance costs 264 170 141 114 134 86 55.14 20.80 23.12 (14.70) 55.81
Profit before taxation 37,670 23,327 16,797 25,453 18,199 7,287 61.49 38.87 (34.01) 39.86 149.75
Taxation 14,661 8,255 7,133 9,651 5,371 2,205 77.60 15.73 (26.09) 79.68 143.58
Profit after taxation 23,010 15,072 9,664 15,802 12,828 5,082 52.66 55.95 (38.84) 23.18 152.42

Annual Report 2025 85

RATIOS
Profitability Ratios 2025 2024 2023 2022 2021 2020

Gross Profit ratio % age 14.5% 12.7% 10.9% 6.7% 9.3% 8.6%
Net Profit to Sales % age 10.7% 9.9% 8.5% 5.7% 7.2% 5.9%
EBITDA Margin to Sales % age 20.5% 19.2% 11.6% 10.5% 12.0% 11.8%
Return on Equity % age 29.9% 22.4% 16.1% 29.3% 26.6% 12.3%
Return on Capital Employed % age 29.8% 22.3% 15.9% 29.1% 26.2% 12.2%
Shareholders' Funds Rs in million 76,953 67,226 60,070 54,011 48,201 41,169
Return on Shareholders' Funds % age 29.9% 22.4% 16.1% 29.3% 26.6% 12.3%

Liquidity Ratios

Current ratio Times 1.5 1.5 1.6 1.2 1.4 1.6

Quick / Acid Test ratio Times 1.3 1.2 1.1 1.0 1.1 1.2
Cash to Current Liabilities Times 0.05 0.09 0.10 0.04 0.02 0.03
Cash Flow from Operations to Sales Times 0.2 0.2 -0.6 0.2 0.3 0.3
Cashflow to CAPEX Times 12.6 7.4 -7.9 24.1 19.5 3.9

Activity/Turnover Ratios

Inventory turnover ratio Times 8.2 5.2 6.2 10.5 8.5 5.3
No. of Days in Inventory Times 44.2 70.7 59.3 34.6 42.9 68.4
Debtor turnover ratio Times 27.0 44.3 89.4 152.7 216.0 46.7
No. of Days in Receivables Times 13.5 8.2 4.1 2.4 1.7 7.8
Total Assets turnover ratio Times 1.2 1.0 1.4 1.3 1.3 1.1
Fixed Assets turnover ratio Times 10.5 6.5 7.3 18.1 11.3 5.2

Investment/Market Ratios

Earning per Share - Basic Rs 292.7 191.8 123.0 201.0 163.2 64.7
Earning per Share - Diluted Rs 292.7 191.8 123.0 201.0 163.2 64.7
Price Earnings ratio Rs 5.9 8.2 7.7 5.7 7.7 15.4
Price to Book ratio Rs 1.8 1.8 1.2 1.7 2.0 1.9
Dividend Yield ratio Rs 10.1 7.3 7.6 8.2 8.3 3.0
Dividend Payout ratio % age 60.1 59.8 58.4 63.4 63.4 46.4
Dividend Cover ratio % age 1.7 1.7 1.7 2.1 1.6 2.2
Market Value per Share
- year end Rs 1,735.6 1,580.0 943.2 1,144.4 1,254.1 995.0
- high during the year Rs 2,245.4 1,680.0 1,155.6 1,473.9 1,430.0 1,280.0
- low during the year Rs 1,716.0 858.3 802.5 1,095.0 967.3 700.0
Break-up Value per Share Rs 979.0 855.3 764.2 687.2 613.3 523.8
Market capitalization Rs in '000 136,414,230 124,188,000 74,138,664 89,950,626 98,575,404 78,206,214

Capital Structure Ratios

Financial Leverage ratio Times 0.6 0.5 0.4 2.2 1.1 0.6

86
CASH FLOW
SUMMARY EXTRACT
SIX YEAR SUMMARY OF CASH FLOWS
2025 2024 2023 2022 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 37,489 22,713 16,461 25,453 18,199 7,287
Adjustment for non-cash and other items (5,874) (3,565) (6,073) (5,552) 147 421
Working capital changes 25,875 30,379 (104,620) 58,750 33,579 16,909
Changes in long term loan, advances (16,253) (12,439) (9,362) (10,416) (4,105) (2,976)
compensation paid to customers on advances
payment to WPPF & WWF, Income tax and others

Net cash inflow / (outflow) from operating activities 41,237 37,089 (103,594) 68,234 47,821 21,641
CASH FLOWS FROM INVESTING ACTIVITIES

Purchase & Disposal of PPE (2,941) (4,855) (13,045) (2,639) (2,329) (5,444)
Interest received from investments 593 2,511 4,119 6,203 1,133 947
Increase/Decrease in investments (20,735) (38,286) 44,409 (42,305) (12,122) 1,260
Dividend income from Listed Mutual Funds 723 4,052 2,227 710 540 174

Net cash (outflow) / inflow from investing activities (22,360) (36,578) 37,710 (38,031) (12,778) (3,064)
CASH FLOWS FROM FINANCING ACTIVITIES

Long-term loan repaid/received (40) (40) (326) (398) 411 512

Dividend paid (13,109) (11,170) (1,381) (8,886) (5,843) (3,908)

Net cash outflow from financing activities (13,149) (11,210) (1,707) (9,284) (5,432) (3,396)
Net decrease in cash and cash equivalents during the year 5,728 (10,699) (67,591) 20,920 29,611 15,182
Cash and cash equivalents at beginning of the year 14,107 24,806 92,397 71,477 41,866 26,684

Cash and cash equivalents at end of the year 19,835 14,107 24,806 92,397 71,477 41,866

Net Cash Inflow/(Outflow) Net Cash Inflow/(Outflow)

fom Operating Activities from Investing Activities
60,000
100,000 40,000
50,000 20,000
- -

(50,000) (20,000)

(100,000) (40,000)

(150,000) (60,000)
2025 2024 2023 2022 2021 2020 2025 2024 2023 2022 2021 2020

Net Cash Outflow PBT to Cash & Cash Equivalent

from financing Activities
90,000
-
80,000
(2,000)
70,000 (22,360)
(4,000) 60,000 41,237
19,835
(6,000) 50,000 (13,149)

(8,000) 40,000
30,000
(10,000)
20,000 37,489
(12,000)
10,000
(14,000) -
2025 2024 2023 2022 2021 2020 1 2 3 4 5

Annual Report 2025 87

FACTORS AFFECTING THE EXTERNAL
ENVIRONMENT
POLITICAL
Factors Organisational Response

Political instability and

turmoil negatively affect the
organisation by disrupting IMC management actively monitors political developments and
operations, creating regulatory policies that could affect the company’s operations.

P uncertainty, and obstructing

growth and strategic planning.

Sudden shifts in government The organisation swiftly adapts its processes and policies
macroeconomic policies to align with actual or expected changes in government
also negatively impact regulations. Industry-related concerns are actively addressed
the company’s business through platforms like the Pakistan Business Council (PBC), the
performance and sales Institute of Chartered Accountants of Pakistan (ICAP), and the
projections. Pakistan Automotive Manufacturers Association (PAMA).

ECONOMIC
Factors Organisational Response

E Rising interest rates and

high inflation levels have led
The company continually strives to improve efficiencies in
its manufacturing processes and energy mix, mitigating
the adverse effects of rising production costs. Regular
to higher input costs and
cost reduction initiatives are implemented to control both
reduced profit margins.
production and non-production related fixed costs.

SOCIAL
Factors Organisational Response

Indus Motor Company (IMC) dedicates 1% of its profit before

tax to CSR, focusing on key areas aligned with the UN
SDGs. Through its “Education for All” initiative, IMC supports
community schools nationwide. It also sponsors emerging
S Focus on corporate social
responsibility, donations,
athletes representing Pakistan on global platforms, including
squash and mountaineering.
development of communities
and scholarships. In healthcare, IMC partners with leading hospitals to provide
quality medical services. The Toyota Goth Education Program
supports nearby villages with education, medical camps,
and sustenance. IMC remains committed to environmental
protection, education, women empowerment, and healthcare.

TECHNOLOGICAL
Factors Organisational Response

IMC has a dedicated team of professionals which ensures

T Technological innovation.
that all its processes comply with the applicable regulatory
requirements. The Company has taken various initiatives for
digitalisation and automation of its processes. This strategic
approach not only underscores its commitment to staying at
the forefront of technology but also positions it as a pioneer in
harnessing technological advancements.

88
 LEGAL
Factors Organisational Response

The Company has a dedicated team of professionals which

ensures that all its processes comply with the applicable

L Compliance with the

applicable legal and
regulatory requirements.

The Company benchmarks itself with the best in corporate

regulatory requirements.
Pakistan by participating in various award programs, for e.g.
PSX Top 25 awards, MAP Corporate Excellence Awards, CFA
Annual Excellence Awards and Best Corporate Report Awards.

ENVIRONMENTAL
Factors Organisational Response

The Company takes various steps to protect the environment

including compliance with applicable environment standards.
We manage our environmental performance through efficient
use of natural resources, and identifying and implementing
green alternatives.

The Company has made significant investments in renewable

energy projects and waste water treatment.

Our company has made significant strides in expanding its

renewable energy portfolio. Furthering its sustainability efforts,
IMC has installed Pakistan’s largest rooftop solar panel system
(6.6MW), and 70% of its dealership network now operates
entirely on solar energy, helping to reduce reliance on fossil
fuels and lower its environmental footprint.

E Environmental footprint,
recycling, climatic conditions
As part of its commitment to combating climate change
and reducing carbon emissions, IMC has planted 920,000
trees nationwide under its Million Tree Plantation Drive—
global warming, natural
significantly contributing to carbon sequestration. To protect
disasters etc.
coastal ecosystems and strengthen natural climate defenses,
6,000 mangroves have been planted along Karachi’s coastline.

These initiatives showcase the company’s dedication to

reducing its carbon footprint, embracing clean energy sources,
and contributing to a greener future.

By investing in renewable energy infrastructure, the company

not only demonstrates environmental stewardship but also
paves the way for a more sustainable and resilient energy
portfolio.

Water conservation remains at the core of our operational

practices. The company has installed bag filters and monitors
dust, particulate matter and other emissions to ensure that
they remain below the respective limits specified in the NEQS.

Annual Report 2025 89

STRENGTHS, WEAKNESSES, OPPORTUNITIES,
AND THREATS (SWOT) ANALYSIS

Strengths

• Established Global brand name

• Motivated and competent workforce
• Modern production facility
• Products with high level of localization
content
• Wide reaching distribution network
• Sound financial condition S

Weaknesses W
• Dependence on global supply
chain
• Strongly influenced by global
economic factors

90
 Opportunities

• Transitioning to electric and

hybrid vehicles
• Eco-friendly manufacturing
practices
• Further expansion of
dealership network
O

Threats T
• New entrants in the market.
• Inconsistent Government policies
with regards to auto manufacturers
• Economic downturns in the country
• Inconsistent used car policy

Annual Report 2025 91

TEN YEARS FINANCIAL
SUMMARY

Financial Summary 2025 2024 2023 2022

Statement of Profit or Loss

Net revenue Rs in ‘000 215,136,582 152,481,025 177,710,637 275,505,778
Gross profit Rs in ‘000 31,195,387 19,382,302 7,931,170 18,404,481
Profit before taxation Rs in ‘000 37,670,477 23,327,454 16,797,198 25,452,576
Profit after taxation Rs in ‘000 23,009,659 15,072,426 9,664,429 15,801,848
Dividends Rs in ‘000 13,833,600 9,015,420 5,643,480 7,368,750

Statement of Financial Position

Share capital Rs in ‘000 786,000 786,000 786,000 786,000
Reserves Rs in ‘000 76,166,638 66,440,443 59,283,912 53,225,076
Non-current assets Rs in ‘000 20,500,201 23,547,372 24,497,682 15,185,582
Net current assets Rs in ‘000 53,597,100 41,039,405 36,039,448 30,458,149
Long term liabilities Rs in ‘000 180,714 212,814 553,698 280,837

Investor Information
Gross profit ratio % age 14.50 12.71 4.46 6.68
Net profit ratio % age 10.70 9.88 5.44 5.74
Earning per share Rs 292.74 191.76 122.96 201.04
Inventory turnover Times 8 5 6 11
Debt collection period Days 13 8 4 2
Average fixed assets turnover Times 9.77 6.35 8.96 17.78
Breakup value per share Rs 979.04 855.30 764.25 687.16
Market price per share
- as on June 30 Rs 1,735.55 1,580.00 943.24 1,144.41
- High value during the period Rs 2,245.36 1,679.99 1,155.61 1,473.90
- Low value during the period Rs 1,715.97 858.28 802.45 1,094.97
Price earning ratio Times 5.93 8.24 7.67 5.69
Dividend per share Rs 176.00 114.70 71.80 93.75
Dividend yield % age 10.14 7.26 7.61 8.19
Dividend payout % age 60.12 59.81 58.39 46.63
Dividend cover Times 1.66 1.67 1.71 2.14
Return on equity % age 29.90 22.42 16.09 29.26
Debt to equity Ratio 0:1 0:1 0:1 0:1
Current ratio Ratio 1.50:1 1.52:1 1.58:1 1.19:1

Other Information
Units sold Nos. 33,251 21,063 31,602 75,611
Units Produced Nos. 33,757 19,599 32,696 72,438
Manpower Nos. 2,089 2,579 3,129 3,139
Contribution to National
Rs in ‘000 110,991,519 68,493,873 84,811,218 101,381,098
Exchequer

92
 2021 2020 2019 2018 2017 2016

179,161,727 86,167,016 157,996,212 139,715,429 111,942,544 108,758,668

16,653,710 7,450,859 19,191,674 23,884,658 19,492,589 17,731,299
18,199,193 7,287,359 18,975,929 22,999,166 19,140,767 17,397,446
12,828,592 5,082,027 13,714,975 15,771,860 13,001,265 11,454,940
8,135,100 2,358,000 9,039,000 11,004,000 9,039,000 7,860,000

786,000 786,000 786,000 786,000 786,000 786,000

47,415,465 40,383,391 39,259,309 35,958,342 30,410,962 26,843,609
15,809,646 16,574,192 13,898,033 7,311,379 6,345,444 4,938,277
29,752,647 24,991,174 26,679,161 29,383,117 24,762,671 17,473,164
745,433 483,125 558,920 22,711 3,933 -

9.30 8.65 12.15 17.10 17.66 16.30

7.16 5.90 8.68 11.29 11.61 10.53
163.21 64.66 174.49 200.66 165.41 145.74
9 5 11 11 11 13
2 8 5 3 3 3
11.06 5.66 14.90 22.89 19.90 21.47
613.25 523.78 509.48 467.49 396.91 351.52

1,254.14 994.99 1,203.92 1,421.46 1,793.60 939.54

1,429.98 1,280.00 1,589.90 1,980.00 2,110.00 1,313.00
967.34 700.00 1,030.62 1,300.00 935.00 884.75
7.68 15.39 6.90 7.08 10.84 6.45
103.50 30.00 115.00 140.00 115.00 100.00
8.25 3.02 9.55 9.85 6.41 10.64
63.41 46.40 65.91 69.77 69.52 68.62
1.58 2.16 1.52 1.43 1.44 1.46
26.61 12.34 34.25 42.92 41.67 41.46
0:1 0:1 0:1 0:1 0:1 0:1
1.35:1 1.65:1 2.1:1 1.63:1 1.76:1 1.58 : 1

57,731 28,837 66,211 64,000 60,586 64,584

59,187 28,519 65,346 62,886 59,945 64,096
2,943 2,855 3,349 3,266 2,849 2,765
71,802,435 35,927,543 52,307,841 48,843,141 38,959,490 37,325,754

Annual Report 2025 93

 Report
CHIEF
EXECUTIVE’S

ALI ASGHAR JAMALI

Chief Executive

94
CUSTOMER Company

FIRST Review
INDUSTRY

HR
&
REVIEW
SHE

S
H
CSR Business
Environment
E

IT Operations
Annual Report 2025 95
 R INDUSTRIAL

& BUSINESS
ENVIRONMENT

96
INDUSTRIAL OVERVIEW
MACROECONOMIC OVERVIEW

Pakistan’s economy in FY 2024-25 reflected a fragile but notable stabilization compared to FY 2023-24,
supported by fiscal consolidation, improved external balances, and moderating inflation.
• Fiscal Position & Debt - FY 2024-25 marked FY 2024- 25, highlighting structural weaknesses
a historic achievement, Pakistan posted its in investment climate despite macro
highest-ever primary surplus of PKR 2.7 trillion improvements. FDIs amounted to USD 2.1 billion
(2.4% of GDP), the second consecutive primary versus USD 2.3 billion in FY 2023-24, enhanced
surplus after decades of persistent deficits investor confidence on Pakistan’s economy.
from FY 2007-08 to FY 2022-23. This reflects
stronger fiscal discipline, a 26.3% surge in FBR • FY 2025-26 Budget vs Previous Year - The
tax revenues to PKR 11.7 trillion, controlled FY 2025-26 federal budget reduced overall
spending, and reduced interest costs due outlay to PKR 17.57 trillion, targeting 4.2% GDP
to monetary easing. The overall fiscal deficit growth and 4.7% inflation, while increasing
narrowed to 5.4% of GDP, while public debt defence spending by 17% to PKR 2.55 trillion
declined modestly to about 69% of GDP from despite a 7% cut in total expenditure. The
75% in FY 2023-24. budget continues fiscal consolidation but
faces tighter fiscal space due to higher non-
• Growth & Sectoral Performance - Real GDP development obligations.
growth edged up to 2.7% from 2.5% in FY2023-
24, below the official 3.6% target. Agriculture’s • Macroeconomic Forecast - Prospects for FY
earlier gains slowed, while industry and large- 2025-26 are cautiously positive, hinging on
scale manufacturing contracted, limiting sustaining remittance inflows, maintaining low
growth momentum. inflation, and keeping fiscal discipline. However,
challenges remain acute: Pakistan faces USD
• External Account & Reserves - The current 26 billion in external debt repayments in FY
account swung to a surplus of about 2025- 26, low FDI, and structural weaknesses
USD 2.1 billion from a deficit in FY 2023- in industry and agriculture. The continuation
24, driven primarily by a sharp 27% rise in of IMF-supported reforms, the Special
workers’ remittances. Imports rose, especially Investment Facilitation Council’s execution
machinery and industrial goods, outpacing capacity, and export diversification will be
exports and widening the trade deficit, but critical to maintaining momentum. In FY 2024-
inflows still offset the gap. Foreign exchange 25 demonstrated Pakistan’s ability to reverse
reserves rose to USD 16.6 billion in early spring years of fiscal and external imbalances, most
and closed at USD 19.2 billion at the fiscal notably achieving the highest-ever primary
year-end, supported by IMF and multilateral surplus, while restoring currency stability,
inflows. building reserves, and sharply lowering
inflation. Yet, the economy remains vulnerable
• Monetary Indicators - Inflation fell dramatically to external shocks and financing pressures,
from 23.4% in FY 2023-24 to an average of 4.5% making sustained reform implementation
in FY 2024-25, reaching a multi-year low of 0.3% imperative for translating stabilization into
in April. The State Bank reduced the policy rate robust, inclusive growth in FY 2025-26 and
from 22% to 11%, lowering financing costs. The beyond.
Pakistan Stock Exchange surged nearly 60%
(YoY), hitting record highs, reflecting investor AGRICULTURE:
optimism on macro stability.
In FY 2024-25, Pakistan’s agriculture sector grew
• Pakistani Rupee Performance – In FY 2024-25, by only 0.56%, a sharp decline from 6.4% in FY
the rupee stayed within PKR 277–285/USD, 2023-24 and the lowest in nearly a decade. This is
ending at PKR 283—only 2% weaker than its the lowest agricultural growth in nine years, with
starting rate, versus a 20% drop in FY 2023-24. FY 2015-16 recording 0.41% growth as the last time
Stability was supported by reserves rising from it was this low.
USD 7.5 billion to USD 19.2 billion, a USD 1.1
billion current account surplus, and USD 2.4 The slowdown was mainly due to a 13.49%
billion per month remittances, easing imported contraction in important crops, with cotton
inflation and boosting investor confidence. production down 30.7%, maize 15.4%, wheat 8.9%,
sugarcane 3.9%, and rice 1.4%. These declines
• Foreign Direct Investment (FDI) - FDI remained resulted from adverse weather, reduced cultivated
subdued at around 0.7% of GDP in first half of area, and input constraints.

Annual Report 2025 97

LARGE SCALE MANUFACTURING (LSM) • Industry Recovery & Market Performance

In FY 2024–25, Pakistan’s LSM sector contracted PAMA-reported passenger car and light
by approximately 0.74% against the target of 3.5%, commercial vehicle (LCV) sales rose 43%
marking its third consecutive year of negative year-on-year (YoY) to approximately 148,000
growth due to structural inefficiencies and high units, up from 104,000 units in FY 2023–24.
input costs. In contrast, the broader manufacturing Passenger car sales alone reached 112,203
sector, including small-scale manufacturing and units, underscoring broad-based growth
slaughtering, grew by 1.3%, down from 3.0% in FY across the market. Demand strengthened
2023–24, highlighting a fragile recovery. throughout the year, with May 2025 recording
a local peak of 14,800 units and 11MFY25 sales
Notable sub-sector gains included automobiles reaching 126,000 units rose 39% YoY.
sector grew by 46%, driven by lower interest rates
and improved consumer sentiment; wearing • Segment trends were varied:
apparel sector grew by 7.6%; textiles sector grew
by 2.4%; coke and petroleum products sector grew Truck & bus volumes surged 96% YoY in FY25
by 5.3%; and pharmaceuticals sector grew by 2.7%. to 5,232 units, driven by recovering logistics
However, these improvements were insufficient demand and fleet replacement activity.
to offset wider sectoral weaknesses caused by Tractor sales fell 36% YoY to 29,192 units,
energy shortages, regulatory bottlenecks, and reflecting weaker farm economics, though
elevated financing and operational costs. June showed a seasonal uptick.
The upcoming IMF-supported structural • Key Growth Drivers
reform program, focused on energy efficiency,
privatization, and enhanced competitiveness, is The State Bank’s policy rate reduction from 22%
expected to play a pivotal role in restoring long- to 11% by July 2025 significantly eased auto
term industrial growth. financing costs, enabling more consumers
to enter the market. Currency stability,
AUTOMOBILE INDUSTRY moderating inflation, and improved consumer
FY 2024–25 marked a turning point for Pakistan’s confidence reinforced this trend. The industry
automotive industry. After a challenging prior also benefited from new model launches,
year, the sector regained momentum, delivering a particularly hybrids and refreshed variants.
robust recovery in both volumes and profitability
despite persistent structural headwinds.

SALES OF LOCALLY PRODUCED PASSENGER CARS AND LCV

300
279
259
45
250 241
42
33

200
181
99 30 104
150
101 148
127 36
112
75 30 104
46
100 16
50 22
54
55 39 45
30 35
50 5
19 84 12 7
68
51 46 53
38 40 39

FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25

LCV and SUV 1300 and Above 1000 CC Below 1000CC Number in ’000s | Source: PAMA

98
 A notable pre-budget buying surge occurred • This performance is a testament to the
ahead of FY 2025–26 taxation changes, resilience of our teams, the loyalty of our
including an increase in GST on ≤850cc customers, and the trust of our shareholders.
vehicles to 18% and the introduction of green/
carbon levies. While these changes prompted • Looking ahead, Indus Motor Company is
assembler price adjustments in July, GST on focused on reclaiming its position as a leading
hybrids remained unchanged — preserving force in Pakistan’s automotive industry. With a
their competitive positioning. strong emphasis on innovation, quality, and
customer-centric strategies, the company is
• Used-Vehicle Imports well-positioned to navigate future challenges
and emerge even stronger.
Used-vehicle imports remained elevated in
FY 2024–25, with industry estimates placing OUTLOOK FOR FY 2025–26
volumes at 40,000–45,000 units — equivalent
to roughly 30% of total sales reported by PAMA • We expect growth to extend into FY 2025–26,
member manufacturers and assemblers. This supported by further policy rate reductions,
share is significantly higher than pre-2022 favourable base effects, and expanding hybrid
levels, when used imports accounted for less and electric vehicle adoption. To unlock the
than 10% of locally reported sales. sector’s long-term potential, it is vital to address
structural challenges such as underutilized
The Automotive Industry Development capacity, supply chain vulnerabilities, higher
Policy (AIDP) 2016–21 successfully attracted taxation, and high operating costs. Policy
multiple global brands to Pakistan, leading consistency, localization incentives, and
to the establishment of new manufacturing strategic technology investment will be
and assembly operations that contributed to essential to sustaining momentum.
industrial growth, technology transfer, and job
creation. The combined installed production • The National Tariff Policy (2025–30) targets
capacity of the domestic industry now stands tariff rationalization and trade liberalization
at around 500,000 units annually. However, in line with global practices. While well-
with current plant utilization at approximately intentioned, measures such as eliminating
36%, more than 60% of installed capacity duties and easing used car imports risk
remains idle. disrupting Pakistan’s auto industry, weakening
supply chains, and threatening jobs and
In this environment, the continued influx of economic stability in the near to medium term.
used vehicles not only adds to the import bill
but also constrains the utilization of domestic • Our industry’s performance this year reflects
capacity, suppresses employment potential, resilience, adaptability, and the collective
and undermines investor confidence in efforts of manufacturers, dealers, suppliers,
Pakistan’s long-term automotive prospects. and policy stakeholders. With a stable
macroeconomic backdrop and continued
While offering variety and choice to consumers, innovation, we are well-positioned to
this segment significantly influences pricing accelerate toward sustainable, inclusive
and demand in entry-level categories. For growth in the years.
the industry to achieve scale, attract further
investment, and preserve jobs, a balanced and
transparent import policy is essential — one
that allows fair competition while safeguarding
the sustainability of local manufacturing.

INDUS MOTOR COMPANY'S PERFORMANCE

Indus Motor Company experienced a robust

recovery in the fiscal year 2024–2025, marked by a
remarkable 56% surge in sales. The company sold
an impressive 33,757 units, a significant increase
from the 21,603 units sold in the previous year.

• The growth was especially notable in the

Passenger Car (PC) segment, which saw an
84% rise, driven by the successful launch of
the Yaris facelift in July 2024. Meanwhile, the
Commercial Vehicle (CV) segment also posted
a solid 32% increase.

Annual Report 2025 99

100
Built on trust,
proven over
decades,

1.2 MILLION+
Toyota vehicles have been purchased
by customers.

786,000+ COROLLAS

have been driven over the past.

35YEARS
Our vast dealership network ensures easy
access to purchases, expert service, and
genuine parts.

Famous for low maintenance costs and best

resale value, Toyota vehicles make a smart
investment for customers.

Annual Report 2025 101

 R COMPANY

102
PAKISTAN AUTOMOTIVE
INDUSTRY OVERVIEW
The Pakistan automobile industry experienced a recovery in the year 2024-25. The sales of locally
manufactured passenger cars and commercial vehicles increased by 43%, with 148,023 units sold in FY
24-25 compared to 103,829 units in FY 23-24. However, the import of used vehicles also witnessed an
increase from 38,561 units to 42,125 units in FY 24-25.

Multiple factors played a role in the recovery of the automobile market. One of the most significant
contributors was the sharp decline in interest rates, which boosted the auto-financing and increased
its market share. Additionally, foreign exchange rates remained stable, preventing major price hikes
throughout the year—unlike the previous year, which saw several increases. Economical stability also
helped strengthen consumer confidence, further supporting market growth.

COMPANY OVERVIEW
Indus Motor Company experienced a robust recovery in the fiscal year 2024–2025, marked by a
remarkable 60% surge in sales. The company sold 33,757 units, a significant increase from the 21,603
units sold in the previous year.

The growth was especially notable in the Passenger Car (PC) segment, which saw an 84% rise, driven
by the successful launch of the Yaris facelift in July 2024. Meanwhile, the Commercial Vehicle (CV)
segment also posted a solid 32% increase.

Despite the considerable challenges faced during FY 2023–2024, Indus Motor Company demonstrated
resilience and turned adversity into an opportunity to excel. The company remained steadfast in its
commitment to adapting to evolving market conditions while keeping customer satisfaction at the
forefront.

Looking ahead, Indus Motor Company is focused on reclaiming its position as a leading force in Pakistan’s
automotive industry. With a strong emphasis on innovation, quality, and customer-centric strategies,
the company is well-positioned to navigate future challenges and emerge even stronger.

Total Sales CKD-Commercial Vehicles

VEHICLES VEHICLES

Sold Sold
2025 2025
33,757 Units 12,283 Units

2024 2024
21,063 Units 9,323 Units

CBU-Sales CKD-Passenger Car

VEHICLES VEHICLES

Sold Sold
2025 2025
364 Units 21,110 Units

2024 2024
288 Units 11,452 Units

Annual Report 2025 103

104
The All New

Corolla Cross
Hybrid Electric

Annual Report 2025 105

106
The All New
COROLLA
CROSS
HYBRID
ELECTRIC

Annual Report 2025 107

DRIVING PAKISTAN TOWARDS A

HYBRID
FUTURE
Launched in December 2023, the Toyota Corolla Entry for effortless ingress, a Powered Tailgate with
Cross marked a pivotal moment for IMC as a Kick Sensor for convenient hands-free operation,
Pakistan’s first locally manufactured Hybrid and seamless connectivity through Apple CarPlay
Electric Vehicle – MAKE IN PAKISTAN – ushering and Android Audio. Beyond aesthetics and
in a new era of eco-friendly mobility solutions in comfort, the Corolla Cross sets new benchmarks
the country. From its inception, the Corolla Cross in safety and efficiency. It boasts a complete set
was positioned to captivate discerning middle- of safety specifications, including an impressive
aged professionals and business owners seeking 7 Airbags – the most in its category – along with
a sophisticated, CSUV that offers unmatched advanced features like Blind Spot Monitor and Rear
grace and convenience for their families. Its Cross Traffic Alert, providing unparalleled peace of
launch tagline, “Driven for More,” encapsulated mind. Furthermore, its best-in-class fuel mileage
this ambition, promising an elevated driving reflects our dedication to offering economic and
experience. Building on decades of refining environmentally conscious solutions.
hybrid technology globally, Toyota has become
synonymous with reliable and efficient hybrid Initially introduced with two hybrid variants,
powertrains, a legacy proudly carried forward by the 1.8 HEV X and 1.8 HEV, the Corolla Cross
the Corolla Cross. range was further expanded in 2024 with the
introduction of two gasoline variants, the 1.8 X
Following its debut, the Corolla Cross swiftly and 1.8, offering customers greater choice and
ascended to become a top seller in the highly accessibility. To celebrate its successful first year
competitive CSUV category, this remarkable and acknowledge the overwhelming market
success underscores its strong appeal and its response, Toyota Pakistan celebrated the Corolla
perfect alignment with the evolving needs of Cross’s first anniversary with a special promotion,
Pakistani consumers. As our most innovative further reinforcing its value proposition.
product, the Corolla Cross shows IMC’s dedication
to bringing in advanced, eco-friendly car As we continue to navigate a dynamic automotive
technologies. landscape, the Toyota Corolla Cross stands as a
testament to our vision for a greener and more
The Corolla Cross beautifully combines great innovative future in Pakistan. We remain dedicated
looks with practical use. Its design is sleek and to building on this momentum, providing cutting-
elegant, and the interior has convenient features edge mobility solutions that empower our
that perfectly suit customer needs, making every customers and contribute positively to the country.
trip comfortable and easy. These include Smart

108
Annual Report 2025 109
110
Indus Motor Company (IMC) proudly
launched the all-new Toyota Land Cruiser
Prado 2024 in Pakistan, reaffirming its
commitment to performance, safety, and
iconic off-road capability.

The latest generation of the Prado is a

combination of heritage and innovation,
blending timeless ruggedness with cutting-
edge design and technology.

Annual Report 2025 111

112
Annual Report 2025 113
TOYOTA
COROLLA
ALTIS X
A Legacy of Trust, The Choice
of Every Pakistani Household

114
First launched in 1966, the Toyota Corolla has smooth and confident driving experience, whether
grown to become a global automotive icon, for city commutes or family journeys.
celebrated for its unmatched legacy of reliability,
safety, and value. With over five decades of proven This year, IMC deepened Corolla’s emotional
excellence, the Corolla continues to inspire trust connection with customers through purpose-
across generations. driven brand campaigns. Our family-themed
storytelling campaign highlighted Corolla’s role in
In Pakistan, the Corolla Altis X sedan stands as everyday family milestones, while our corporate-
the nation’s most cherished vehicle, synonymous themed campaign resonated with professionals
with quality, durability, and peace of mind. seeking a car that reflects success, reliability,
Locally manufactured by Indus Motor Company and performance. Together, these campaigns
(IMC) for over 35 years, the Corolla reflects IMC’s reinforced Corolla’s image as the sedan that truly
commitment to delivering mobility solutions that “moves Pakistan forward”, from boardrooms to
meet the evolving needs of Pakistani customers. family vacations.

The current Corolla Altis X blends sophistication Today, the Corolla Altis X remains the top-selling
and practicality with a dynamic design and refined C-Sedan in the country; a symbol of pride and trust
interior that offers ample space and comfort for for Pakistanis who seek uncompromising quality,
up to five passengers. Advanced features such as performance, and a car that feels like home.
electric power steering and cruise control ensure a

Annual Report 2025 115

A BOLD
STATEMENT IN
THE B-SEDAN
SEGMENT
Launched in 2020, the Toyota Yaris quickly carved comfort for drivers and passengers alike.
out a strong position in Pakistan’s competitive Enhanced with intuitive technologies that simplify
B-segment sedan market. With a design tailored driving, Yaris transforms every ride into a seamless,
for young professionals, small families, and first- confident, and enjoyable experience.
time car buyers, Yaris has proven itself as a smart,
dependable choice, blending style, fuel efficiency, As we navigate an increasingly digital landscape,
and Toyota’s legendary reliability. Toyota Yaris stands poised to maintain its edge,
offering the perfect balance of practicality and
Building on this success, 2024 marked a new innovation. At Indus Motor Company, we remain
chapter with the introduction of the refreshed dedicated to building on Yaris’ momentum,
Toyota Yaris facelift under the campaign tagline creating accessible mobility solutions, and
“Make Way for the All-New Toyota Yaris.” The latest contributing to a better future for the Pakistani
evolution of Yaris introduces a more modern, automotive market.
premium, and stylish exterior, redefining its identity
and enhancing its appeal in a highly competitive
market. Now equipped with parking sensors,
Upgraded 9’’ floating audio with android auto and
Apple CarPlay, three airbags and LED headlamps,
it offers advanced features that elevate both safety
and convenience.

To further excite customers and elevate the driving

experience, Indus Motor Company introduced
a limited-time “Yaris Special Offer” campaign,
offering upgraded alloy wheels and a high-grade
audio system at no additional cost in the popular
1.3L GLi CVT variant. The offer was met with a highly
encouraging response, reflecting the enduring
loyalty and trust of our customer base.

Engineered with reliability as its foundation,

Yaris delivers an unmatched blend of safety,
comfort, and convenience. Its advanced safety
features ensure protection in every journey, while
a thoughtfully crafted interior offers exceptional

116
 A BOLD
OLD STATE
IN THE
B-SEDAN
SEGMEN

Annual Report 2025 117

Celebrating

Pride
National

In a proud moment for the nation and empowering sports in Pakistan,

Indus Motor Company, IMC honored Arshad’s victory symbolized resilience,
Pakistan’s Olympic gold medalist dedication, and national pride. The
Arshad Nadeem by presenting him celebration was held at IMC’s premises
with a Toyota Fortuner, celebrating with an enthusiastic gathering of
his historic achievement and over 2,500 employees, marking a
longstanding journey supported by memorable tribute to a true national
Toyota. As a valued athlete sponsored hero.
under Toyota’s commitment to

118
The Way of
the Unbeatable
Series
A Digital
Campaign
Indus Motor Company launched platforms. As one of the most
“The Way of the Unbeatable”, a digital successful digital campaigns of the
content series under Toyota Gazoo year engaging 9 million+ views, it
Racing, showcasing the off-road reinforced Toyota’s leadership in
prowess of the Revo and Fortuner the 4x4 segment by enhancing the
GR-S through real-world challenges market share. It also demonstrated
led by professional rally drivers. The the brand’s shift toward immersive,
campaign effectively highlighted experience-driven storytelling.
key performance features such as
Monotube Suspension, Limited
Slip Differential, & 4x4 prowess,
capturing strong engagement
across Toyota Pakistan’s digital

Annual Report 2025 119

 SHOWCASING
TOYOTA
FORTUNER
at the Young Presidents’
Organization (YPO) Event
Indus Motor Company participated in an exclusive Young Presidents’
Organization (YPO) event held in Karachi, targeting the high-net-worth
professionals of Pakistan including top business owners and C-suite
executives. The event served as a strategic platform to showcase
the Toyota Fortuner, highlighting its premium design, advanced
features, and strong road presence. With a focused footfall of over 100
influential attendees, the activation successfully reinforced Toyota’s
positioning as a brand that resonates with leadership, performance,
and sophistication.

Fortuner Display
at the Japanese
Emperor’s Birthday
Indus Motor Company proudly participated
in the celebration of the Japanese Emperor’s
birthday, an esteemed diplomatic event that
underscores the deep-rooted relationship
between Japan and Pakistan.

Held in collaboration with the Embassy

of Japan, the event featured a prominent
display of Toyota Fortuner, symbolizing
the strength of Japanese engineering and
Toyota’s legacy in Pakistan. The presence of
IMC at this high-profile gathering reinforced
its role as a key representative of Japanese
industry and innovation in the country.

120
Rural
Activations

Rural activations were conducted in Sukkur and

Multan, featuring the complete IMC lineup,
to strengthen brand presence in key rural
markets. Strategically aligned with sugarcane
harvesting, these activations attracted over
800 visitors and generated 200+ leads.

By tapping into the purchasing potential

driven by seasonal crop earnings, Toyota
successfully engaged local communities and
showcased its lineup to its key demographics.

Annual Report 2025 121

 L
ucky
Draw
A special “Lucky Draw” campaign
was held with HBL, encouraging
customers to finance their
vehicles through HBL for a
chance to win a Yaris GLI CVT.

122
y Exclusive Bank
Partnerships

This year, special emphasis was placed on auto financing as part of our long-term strategic vision. A
key objective has been to increase Toyota’s market share in auto financing. To achieve this, exclusive
campaigns were launched in collaboration with major banking partners, offering attractive financing
options bundled with Toyota’s Value-Added Products. High-impact campaigns were carried out with
HBL, MCB, Meezan Bank, Bank Alfalah, Bank Alfalah Islamic, Bank Islami, UBL, Faysal Bank, Bank Al
Habib, First Habib Modaraba, Habib Metropolitan Bank, and Dubai Islamic Bank.

Roadshows were also organized with these banks to further strengthen brand presence. In addition,
multiple product training sessions were conducted to enhance the banking staff’s knowledge of Toyota
products.

Auto Finance
Market
In FY 2024-25, the auto finance market saw
significant growth, driven by a gradual
decrease in policy rates from 20% to 11%. As a
result, the overall market penetration of auto
financing increased from 13% to 21%. Toyota’s
market shares also improved, rising from 16%
to 17%. Additionally, auto financing accounted
for 24% of the total order intake at IMC.

Annual Report 2025 123

Ceremony
Export

124
Indus Motor Company (IMC) held an official ceremony at its
manufacturing plant located at Port Qasim in Karachi to announce
the export of locally made Toyota vehicles- specifically the Fortuner,
Corolla Cross and Hilux to international market in Oceanic Countries.

The event was attended by key figures such as Federal Minister for
Industries and Production, Mr. Rana Tanveer Hussain, Toyota Motor
Asia’s Executive Vice President, Kazunari Iguchi San and IMC CEO,
Mr. Ali Asghar Jamali.
Kazunari Iguchi San highlighted Toyota’s aim to help grow Pakistan’s
skilled workforce and make IMC a stronger part of its global network.
While the financial benefit from these first exports may be minimal, IMC
sees this as an important step to improve Pakistan’s global presence
and earn foreign exchange.

Annual Report 2025 125

126
Every time you
touch a Corolla,
there’s a

90
chance
%

you’re touching a locally

manufactured part, a
reflection of Toyota’s deep
commitment to local
industry.

Behind this localisation

is Toyota’s network of
employment across

100,000 households

in Pakistan, fostering economic stability and job

creation.

Annual Report 2025 127

 Rather than asking, “How
many cars will we sell?”
or, “How much money will
we make by selling these
cars?” we need to ask
ourselves, “What kind of
cars will make

people
happy?
-Akio Toyoda

CUSTOMER

128
First
Protection
Plan

Annual Report 2025 129

Toyota
Protection Plan
The Toyota Protection Plan (TPP) provides our Under the Toyota Protection Plan (TPP) umbrella,
customers with the opportunity to avail highly we currently have five trusted insurance partners
competitive insurance packages. TPP offers offering our customers reliable insurance
reduced depreciation rates, genuine body parts coverage and a hassle-free claim on Toyota
replacement and various other unique benefits vehicles. These include Habib Insurance Company
exclusive to Toyota customers. Toyota is always Limited (HICL), TPL Insurance Limited (TPLI),
committed to Kaizen (continuous improvement) United Insurance Company Takaful (UIC Takaful),
in its operations and services, ensuring that Salam Takaful Limited Insurance (STLI), and UBL
customers can enjoy being part of the Toyota Insurers Limited Insurance (UBLI Takaful). Through
Family. The TPP has experienced sales growth and these partnerships, TPP ensures peace of mind,
holds great potential for further expansion in the convenience, and quality service for Toyota owners
coming years, providing Toyota customers with the across Pakistan.
peace of mind they rightly deserve.

130
Prepaid Periodic
Maintenance (PPM)
The Prepaid Periodic Maintenance (PPM) provides The PPM is available for all locally manufactured
customers with a smart, affordable, and consistent Toyota cars including models such as Yaris,
way to reduce their regular spending on Toyota Corolla, Corolla Cross, Revo, and Fortuner, as well
vehicle maintenance. It offers quality services as imported Toyota vehicles such as Land Cruiser
by skilled Toyota Certified Technicians ensuring and Prado.
the car’s authentic appearance and optimal
functionality, thus enhancing its resale value.

Annual Report 2025 131

Extended Warranty
As a testament to IMC’s long-lasting reputation for building tough and durable vehicles, the company
offers 2-year extended warranty in addition to the 3-year built-in manufacturer’s warranty which results
in a total of 5 years of vehicle warranty. The Extended Warranty is available in two packages, tailored to
meet the customers’ mileage needs and ensuring maximum warranty coverage for their peace of mind.
However, for Corolla Cross customers the Extended Warranty is being offered for 4th, 5th and additionally,

132
6th year. Toyota is the first OEM in Pakistan to launch extended warranty of Corolla Cross Hybrid battery.
Customers have the option to buy an extended warranty of battery from 7th, 8th, 9th and 10th year.

IMC has always remained committed to consistently improve its products and services to create
maximum customer satisfaction. The extension in the warranty period offers our customers peace of
mind for additional miles, enhanced vehicle performance and increased resale value.

Annual Report 2025 133

 Toyota Direct
E-commerce

As part of Toyota’s philosophy of customer Available at [Link]

delight, Toyota Direct, formerly known the platform features a comprehensive range
as Toyota Online Store was, introduced of Toyota Genuine Parts, Toyota Motor Oil,
as Pakistan’s first-ever OEM-backed and high-quality accessories. With a focus on
e-Commerce platform for Toyota Genuine hassle-free customer experience, ensuring
Parts, Motor Oil, and Accessories delivered convenience, authenticity, and peace of mind
directly to customers’ doorsteps. for customers across Pakistan.

134
Customer Delight
Keeping the tradition of always delivering the best customer experience, IMC
continuously strives to find innovative ways to ensure customer satisfaction.
Special campaigns and season-based drives are designed by IMC to address
a wide range of issues that customers may encounter during different seasons
and weather conditions. These campaigns are tailored to the unique needs
of our customers, reinforcing IMC’s commitment to their comfort, safety, and
peace of mind.

Winter Campaign
At IMC, customer care is a year-round commitment. To help customers keep
their vehicles performing reliably throughout the colder months, IMC launched
the Toyota Winter Campaign to ensure every Toyota is fully prepared for winter
conditions.

As part of the campaign, Toyota customers were offered a free 18-point

inspection, focusing on key areas such as the battery, heating system, brakes,
and tires. This proactive service aimed to identify and resolve any potential
issues early, helping keep every Toyota winter ready and ensuring a smooth,
safe driving experience.

Through this initiative, IMC continues to deliver on its promise of safety,

comfort, and reliability for its valued customers no matter the season.

Annual Report 2025 135

 Azadi
Monsoon

Campaign

136
To help customers tackle the rainy it easier and more affordable to
season while celebrating the spirit maintain peak vehicle performance.
of independence, IMC launched In addition, customers were
the Monsoon Azadi Campaign, a provided with a free 14-point check-
timely initiative to prepare Toyota up, covering essential components
vehicles for the rainy season most affected by rain and humidity.
while celebrating the spirit of
independence. Through the Monsoon Azadi
Campaign, IMC aimed to empower
Monsoon conditions can pose customers with confidence on the
significant challenges to vehicle road, ensuring their Toyota remains
performance, particularly with dependable, safe, and ready to
braking, visibility, and electrical weather the storm — all while
systems. To help address concerns honoring Pakistan’s independence
that may arise due to the weather, with meaningful value and care.
Toyota offered customers an
exclusive 22% discount on selected
Toyota Genuine Parts, making

Annual Report 2025 137

 Toyota Sure
Toyota Sure, the used car division of Indus
Motor Company, has been expanding its
footprint across the country by leaps and
bounds. Established in 2014, T-Sure has
managed to expand its operations to 55
dealerships nationwide, delighting our
customers year on year. Due to its promise
of providing high quality certified used
cars inspected on TVI (Toyota Vehicle
Inspection) system by Toyota experts.
Toyota Sure as a brand has become a
trusted name within the Pakistani Used
Car market touching the highest ever
certification units in FY24-25 at 10,000+.
Moreover, the Toyota Sure brand
provides Drive-train Warranty of up to
1Year/15,000KMs on certified used vehicles
thus ensuring that customers gain the
ultimate peace of mind when purchasing
a Toyota Certified Used Car.
During the year IMC conducted 10
Used Car Gala across the country for
customer engagement and offered Trade-
in with new Toyota Vehicles, Also, Free
Inspection Campaign, Biggest Used Car
Gala in Islamabad and Biggest Auction
Event in Karachi. IMC also collaborated
with leading banks in the country; HBL,
Faysal bank, Bank Alfalah Islamic, and
Meezan Bank for attractive financing deals
on T-Sure Certified vehicles.

138
 25
Used 20
Car
Gala

Annual Report 2025 139

Technical Skill
Enhancement
Body & Paint National Skill Contest

Each year, IMC organises a National Skill Contest under the categories of General Service and
Body & Paint skills. The evaluation of the skill contest comprises a combination of written and
practical examinations, assessing areas such as safety, standard operations, and work quality.

In the current year, a total of 729 technicians from 3S dealerships nationwide participated in the
National Skill Contest under the Body & Paint category. Following regional-level assessments,
143 technicians were shortlisted, and ultimately, 19 experts emerged as finalists to compete in
National Skill Contest.

140
Inauguration of
New T-TEP
TOYOTA- Technical Education
Program Institute
T-TEP stands for Toyota Technical Education Program. This Toyota global program started in 1970’s under
which, Toyota Motor Corporation supports its worldwide distributors to train and develop human resource
in their local community by establishing a long-term affiliation with running vocational institutes.
New Institute has been launched under the T-TEP Banner Saifee Eide Zahabi Institute of Science and
Technology on 22nd October, 2024.
The core purpose which includes is:
l
Service to society.
l
Familiarize young generation with the latest automobile technology.
l
Create employment opportunities.
l
Support dealer’s recruitment activities and reinforce the capabilities of Toyota After-Sales service network.
l
There are four T-TEP Institutes functioning in Pakistan. The first T-TEP Institute was launched in
affiliation with Government College of Technology, Lahore in September 2000. The second T-TEP
started functioning at Karachi in affiliation with St. Patrick’s Institute of Science & Technology in
December 2004. The third T-TEP Institute was established in affiliation with Construction Technology
Training Institute in Feb 2009 in Islamabad & in 2023, IMC inaugurated its fourth institute NUST
College of Electrical and Mechanical Engineering (Islamabad).
Since the inception of T-TEP institutes, a total of Rs. 114.3 million of financial assistance has been
provided to all the institutes in shape of training hardware, SSTs, technical literature and training
operating expenses.

Annual Report 2025 141

 DMT Dangal
Season -5
This year, IMC conducted a skill competition among Diagnostic Master Technicians
(DMTs) from the 3S dealership network. The DMT Dangal not only provided a platform
for engagement and team motivation but also served as an opportunity for peer-
learning. A total of 47 DMTs participated in the Dangal, showcasing their expertise
in diagnosing the most challenging vehicle cases and presenting their solutions. This
event played a significant role in enhancing their diagnostic skills and finding effective
solutions to customer problems.

142
T-TEP Career Day 2025
Inauguration of 4th Regional Technical Training
T-TEP Students hired at the Toyota Dealer Center in Multan
network, the purpose was to give fresh
graduates a platform to utilize their knowledge IMC has established Toyota Multan Motors as
practically on the ground. its Regional Training Center for Central II region.

T-TEP recruitment drive organised & conducted This regional training center will serve the GS &
by IMC at all T-TEP institutes. BP training and skill enhancement activities for
Under the recruitment drive, 73 students were south Punjab dealers.
hired at Toyota dealerships.

Annual Report 2025 143

Customer Delight
Excellence Award (CDEA)
The Customer Delight Excellence
Award (CDEA) program is a year-
long evaluation conducted by TMA,
assessing all Toyota affiliates based
on comprehensive metrics that
encompass customer experience,
satisfaction, retention and trust.

IMC’s commitment to excellence was

recognized in the Customer Delight
Excellence Award (CDEA) Program.
Promoted to Group-1 Distributor
of TMA in 2023, we continued our
success by winning the Gold Award
in the CDEA Distributor (Group-1)
Category in 2024. This achievement
underscores our dedication to
providing exceptional customer
service and our ongoing commitment
to customer engagement and
satisfaction.

Value Chain Award

Toyota Motor Asia (TMA) awarded the Value Chain 2024 Award to Indus Motor Company Limited for
outstanding performance in Auto Finance, Insurance (Toyota Protection Plan) and Used Car. This Award
underscores IMC’s commitment to develop products catering to all Mobility needs of our customers

144
 DEALER CEO
MEETING
2025
Thailand
Indus Motor Company (IMC) successfully hosted its flagship Dealer CEO
Meeting 2025 in Bangkok, Thailand, reaffirming its unwavering commitment to
excellence, partnership, and customer satisfaction across its nationwide dealer
network.

The event was graced by the esteemed presence of Masahiko Maeda San, CEO
of Toyota Motor Asia (TMA), and Hao Quoc Tien San, Chief Operating Officer
of TMA and other esteemed guests from TMA & TTC, reflecting Toyota’s strong
focus on the Pakistan market and its close collaboration with IMC.

This annual meeting served as a strategic platform to review performance,

align future direction, and recognize exceptional contributions by dealers.
Awards were presented in key business areas including Sales, Aftersales,
T-Sure, Customer Relations (CR), and Parts. The highlight of the evening was
the presentation of the “Best of the Best” Award for FY2023-24 to Toyota Central
Motors for their outstanding all-round performance.

145
 Toyota Central Motors
Mr. Salim Habib Godil

Toyota Gujrat Motors

Mr. Zaighum Abbas

Toyota Highway Motors

Mr. Shujaat Sherwani

Toyota Airport Motors

Mr. Faizan Tariq

Annual Report 2025 146

 Toyota Central Motors
Mr. Salim Habib Godil

Toyota Central Motors

Mr. Salim Habib Godil

Toyota Highway Motors

Mr. Shujaat Sherwani

Toyota Western Motors

Mr. Muhammad Nadeem

Toyota Jhelum Motors

Mr. Chaudhary Aitzaz Hussain

147
148
Annual Report 2025 149
 Positioning Pakistan’s
automotive industry on the
global stage, Indus Motor
Company is among Toyota’s
zero-defect manufacturing
facilities

Globally
This momentum is reflected in the expansion of production capacity,
From

5,000 to 76,000
vehicles in 1992
vehicles annually

150
Annual Report 2025 151
Operations
152
Annual Report 2025 153
Driving
Innovation
Through
Manufacturing
DX and AI
154
A New Era of
Innovation
Established a year ago, the Manufacturing
Digital Transformation (DX) and AI section
with a strategic focus on enhancing
quick feedback system by leveraging
digital platforms to modernize traditional
workflows and enable real-time, insight-
driven decision-making.

As part of IMC’s continuous improvement

philosophy and commitment to Genba
excellence, we work closely with internal
departments, IT partners, and academic
institutions to create sustainable
solutions that eliminate inefficiencies,
improve quality and empower teams with
data-driven decision-making.

Real-time
Visibility:
Dashboard
Systems Driving
Quick Action
To achieve our KPI of quality improvement, we
focused on controlling and reducing defects through
enhanced data visibility and responsiveness. One of
the first foundational achievements in this journey
was the development and rollout of real-time
dashboard systems across multiple manufacturing
shops. These dashboards consolidate live KPIs,
defect trends, and production metrics into a
centralized, interactive interface. Unlike static, end-
of-shift reports, these smart dashboards empower
shop teams and management to take immediate
corrective actions. By integrating feedback loops
and data analytics, they ensure that abnormalities
and bottlenecks are identified early—enabling
swift intervention and proactive quality control.
As a result, this initiative directly contributed to
a measurable decrease in defect rates across all
shops, reflecting enhanced responsiveness and
improved process stability.

Annual Report 2025 155

AI in Action:
CV AI Relay
Detection System
To address our KPI of controlling Functional A defects
and a groundbreaking collaboration with National
University of Sciences & Technology, we developed
IMC’s first-ever inhouse computer vision AI model for
relay detection. This system was deployed on the CV
Trim line to automatically verify whether relay switches
are properly installed.

Key highlights of the AI Relay Detection

Project:
l
Uses computer vision to capture and analyze
component presence.
l
Reduces dependency on human visual checks.
l
Operates with a continuous learning model—
performance improves with each new test result.
l
Set the foundation for future computer vision
inspection projects.
This initiative marked a significant shift in how inspection
is approached at IMC—making it faster, scalable, and
more reliable.

Empowering
Shopfloor
Ownership
Through
iboards
To equip our manpower with modern digital
tools and drive sustainability, we launched
the Board System as a key digitalization
initiative—directly supporting our KPI to
reduce paper usage across the plant. This
system replaces traditional paper-based
shopfloor boards with a centralised, real-
time, software-driven platform. Tailored
for Group Leaders (GLs), the Board System
was designed to:
l
To reduce working time of GL in documents.
l
To increase focus of GL in genba kaizen.
l
To increase the quality of works.
l
To reduce the use of paper in the factory.

156
 Lamp & Emblems
Inspection
Through Artificial
Intelligence
To benchmark our practices against leading affiliates, the team initiated the AI-based Lamps & Emblems
Inspection System project for automated detection of lamps and emblems during the Vehicle Performance
Inspection (VPI) process. This solution leverages:
l
AI-powered image processing to evaluate lamp conditions.
l
A camera vision system to standardise inspection criteria.
l
Real-time feedback alerts to ensure quality adherence.
By aligning with global best practices, this project aims to enhance inspection accuracy, reduce human
variability and ensure consistent quality. Ultimately, it contributes to lower rework rates and improved
customer satisfaction.

ROAD AHEAD
FY 24-25 FY 25-26 FY 26-27

Ergonomics AI
AGV 1
Direction
Multipurpose
Autonomous Karakuri
tow truck
Overbridge
supplies

Karakuri for Ergonomics

Integrated AI
Ergonomics AI Ergonomics AI

AI Vision
Quick feedback iBoard

UPSKILLING WITH NEW TECHNOLOGY

Integrated AI

AI

Annual Report 2025 157

Human
Care
Ergonomic
Improvement
through
Karakuri and
Automation
158
Annual Report 2025 159
Driving Innovation for Member Well- mechanisms, each Karakuri solution reflects our
being dual commitment to environmental responsibility
and team member well-being. By eliminating
At Indus Motor Company, our journey of continuous repetitive, high-burden tasks, we not only improve
improvement and innovation continues to efficiency but also safeguard the health of our
redefine possibilities. The Monozukuri Innovation workforce, creating a win-win for people and
Center is serving as a catalyst for evolving our processes.
manufacturing capabilities and fostering the
growth of our people. Building on the foundations Automated Supply of Bumpers over
of craftsmanship and cutting-edge technology, Karakuri's Bridge
we remain focused on strengthening our expertise
in Karakuri, Automation, Digitalization, and Driving IMC’s transformation toward slim
Artificial Intelligence. The center has become operations and manufacturing excellence,
a hub where creativity and practical industrial the Innovation Center successfully led the
solutions come together, empowering our teams development of a Karakuri-powered overhead
to drive meaningful change. By investing in the bridge for bumper supply, a project that redefines
skills of our workforce and exploring simple efficiency and teamwork. Where operators once
yet smart solutions, we are creating a culture of manually pushed heavy dollies over a 100-second
excellence that extends beyond our factory floors. walk, facing ergonomic strain and risks of process
By promoting sustainable practices and human interferences, we now have a seamless, energy-
resource development, we are committed to free system that moves sub-assembled bumpers
advancing Pakistan’s manufacturing industry and effortlessly to the installation area. Powered by
building a smarter, more resilient industry. simple mechanical genius, this solution cut supply
time by more than half to just 40 seconds, freed
Karakuri: Simple Ideas, Powerful Impact up 600 sq. ft. of valuable space, and eliminated a
high-burden task for our team members. Beyond
At the Monozukuri Innovation Center, our Karakuri the physical improvements, this project became a
journey continues to transform the way we think true example of cross-functional innovation, with
about manufacturing. What began as a focus six departments collaborating to turn a challenge
on simple, energy-free mechanisms has evolved into an opportunity for smarter work, stronger
into a workplace culture where creativity and human resource development, and a step forward
continuous improvement drive smarter, safer in our pursuit of operational excellence.
operations. Inspired by the timeless brilliance of
mechanical automation, our teams are designing Zero-Touch Seat Supply Karakuri Dolly
solutions that use gravity, springs and levers,
reducing dependence on external energy while Driving forward IMC’s pursuit of slim operations
enhancing productivity and ergonomics. and muda-free manufacturing, we revolutionised
the seat supply process with a dynamic zero-
This year, our Karakuri initiatives have expanded touch solution. Gone are the days when members
beyond individual workstations to influence had to climb on and off tow trucks, push heavy
entire production flows. Whether it’s optimizing dollies, and struggle with time-consuming
part supply or creating operator-friendly manual connections. With our newly designed

University Collaboration: Toyota x Habib University

160
and fabricated seat dolly system, powered by the Future of Logistics: First Autonomous
“Zero-Touch” principle, seat supply has become Tow Truck Under Development
faster, safer, and smarter. Now, the operator
simply aligns the supply and lineside dollies In a bold leap towards smart manufacturing, Indus
with no lifting, no pushing, and no hassle. The Motor Company has proudly developed Pakistan’s
trays glide effortlessly from one dolly to another, first Autonomous Tow Truck, marking a historic
transferring seats in seconds while the empty trays milestone in industrial innovation. Designed for
slide back, all without the operator leaving the internal logistics, this fully autonomous vehicle
tow truck. This breakthrough dramatically reduces will revolutionise material supply by automating
ergonomic strain, enhanced productivity, and one of our key supply routes, eliminating manual
slashed operational time. What’s more, the project towing & hitching operations. Developed under the
became a shining example of human resource “Make in Pakistan” banner, this project was a true
development, with GST members leading the collaboration between IMC’s innovation team and
charge in trials and improvements. With plans to Habib University’s brilliant faculty and students,
yokoten this success plant-wide, this is just the blending industrial expertise with academic
beginning of smarter, leaner manufacturing at creativity. This isn’t just a machine, it’s a symbol
IMC. of Pakistan’s growing capability in autonomous
solutions, setting a powerful precedent for locally
Automation: Bridging Industry and developed industrial automation and growing
Academia to Empower Youth talent.

At Indus Motor Company, we’re shaping the future Empowering Teams through Hands-On
of manufacturing by driving automation beyond Karakuri & Automation Training
the factory floor and into the minds of tomorrow’s
innovators. Partnering with reputable universities At Indus Motor Company, we are cultivating
under the “Make in Pakistan” initiative, we are a culture where practical skills and innovative
empowering young engineers to solve real-world thinking drive continuous improvement. Through
industrial challenges with ground-breaking our specialized training programs in Karakuri,
automation technologies. This collaboration we have equipped 88 team members with the
is creating a powerful learning platform where ability to design and implement smart, energy-
students and faculty work side by side with efficient solutions on the shop floor. These trained
our teams, developing practical industrial members have successfully executed Karakuri
solutions that improve safety and streamline kaizens across various shops, eliminating manual
operations. From intelligent logistics systems burden, enhancing ergonomics, and improving
to advanced robotics arm processes, we are not productivity in their areas. By combining hands-
only transforming our production lines but also on learning with real-world application, we
building a homegrown talent pipeline equipped are strengthening our teams’ ability to lead
to lead Pakistan’s industrial revolution. manufacturing reforms and embed a mindset of
creativity and problem-solving in daily operations.

Annual Report 2025 161

 Strengthening
Collaboration,
Driving Innovation:
Our Team-Building
Activity Reinforced
What Corporate
Success is Built:
On Unity & Purpose.

Team
Synergy
Initiative
162
Cultivating
a Culture of
Excellence
Mentorship Sessions
Ignite Practical
Learning Across
Manufacturing
Division
In a step towards strengthening manufacturing
competitiveness, the POS Department has launched
a division-wide initiative titled Manufacturing
Reform—a comprehensive learning movement
reaching 100% of the engineers within the
Manufacturing Division.

More than just a training program, this

initiative embodies a cultural transformation.
It’s about aligning minds, unifying vision, and
empowering engineers to lead the charge in
next-generation manufacturing innovation.
Through a series of interactive learning sessions, the
programme aims to create a shared understanding
of key challenges and inspire breakthrough thinking
across all levels.

“This is a movement, not just a module,” emphasised

the programme’s leadership. It reflects our belief
that real reform starts from within—by equipping
our people with the right mindset, knowledge, and
tools to drive change.

Another Manufacturing Division hosted a focused

Problem Solving Learning Session, uniting engineers,
mentors, and leaders under one roof to strengthen
core technical problem-solving capabilities and
elaborating all tools and steps used to identify root
cause.

Annual Report 2025 163

What made these session particularly impactful was the presence of our mentors, who generously
shared their experiences, lessons learned, and real-world applications of structured problem solving.
their insights not only enriched the discussion but also bridged the gap between theoretical knowledge
and on-ground application.

IMC’s Global Training Drive, IMC has an ongoing initiative international training program under ICT,
sending its managers and engineers to Toyota Motors Corporation, Motomachi Plant. The goal: to learn,
grow, and benchmark global best practices. This year, the plan is to train 4 members, out of which 2 have
been trained. This year, 6 more engineers from different production shops are set to join, strengthening
IMC’s drive for excellence.

164
From Flow to Savings:
TPS-Driven Results in
Manufacturing
Over the time, we have consistently strengthened
TPS practices through daily discipline, trainings, and
process enhancements. In FY 24-25, we focused on
further refining these practices across the plant with
targeted, high-impact initiatives. This demonstrates
our commitment to operational excellence, waste
reduction, and employee-driven innovation.

Key Focus Areas in FY 24-25

l
Full-scale deployment of Material and Information
Flow Charts (MIFC) across major departments

l
Enhanced implementation of Standardized Work
and Visual Management

l
Strategic rollout of Kaizen Events and employee-
driven improvement initiatives

l
Strengthening of Supplier TPS Support Programs

IMC Value Stream

Improvement via MIFC
In FY 24-25, one of the most impactful initiatives was
the successful mapping of the Material and Information
Flow Chart (MIFC) across the entire value chaine i.e. from
raw material supplies to production till final delivery
of vehicle to customers. This strategic deployment
provided real-time visibility into material movement
and information flow, enabling the identification of
bottlenecks, inventory imbalances and inefficiencies
.The comprehensive mapping and analysis not only led
to tangible process improvements but also served as a
model for visualizing and standardizing value streams
across the plant. The results of this MIFC activity are
presented periodically to top management and their
recognition reinforced the value of MIFC as a practical
and strategic tool and marked a key achievement in
expanding lean thinking throughout the organization.

Annual Report 2025 165

Enhancement of Bumper Painting
Productivity
In alignment with our FY 2025 theme, “To Increase Production Capacity (Productivity) through Muda
Elimination,” a major TPS initiative was undertaken to improve production efficiency by eliminating non-
value-added activities. Through focused Kaizen and standardization efforts, we successfully increased
production time by 10 minutes per shift of Bumper , directly contributing to higher daily output. This led
to an increase of 10 additional carriers per day and a monthly carrier increase of 220 units , indicating
a significant boost in overall line capacity. In parallel, cost reduction was achieved through process
optimization, resulting in monthly savings with a cumulative impact across four months. These results
clearly demonstrate the effectiveness of TPS-driven waste elimination in enhancing throughput,
reducing cost, and strengthening the plant’s operational performance.

Looking ahead, our key focus will be on enhancing TPS

Strengthening practices among Indus Motor Company’s suppliers
as part of our broader goal to promote sustainability,

Supplier TPS quality, and operational excellence across the entire

value chain. In FY 2025, we will launch structured
initiatives to develop supplier capabilities in Just-in-Time

Integration for (JIT) delivery, standardized work, and the Kaizen culture,
with a strong emphasis on reducing process variation
and rejection rates. Through hands-on training, MIFC-
Sustainable based assessments, and collaborative improvement
projects, we aim to align suppliers more closely with
IMC’s lean manufacturing standards. This forward-
and Lean looking strategy not only supports our internal efficiency
but also reinforces our commitment to building a

Growth resilient, sustainable, and synchronized supply network

that delivers the right parts, at the right time, in the right
quantity—every time.

Supplier Selection Supplier Audit Corrective

action
02 03 04 05
01
Criteria to supplier.
Evaluation

166
Manufacturing Cost Marathon
Drive FY 2024-25
The Cost Marathon FY 2024-25 initiative was strategically launched to strengthen our cost optimization
culture, embedding Kaizen principles and driving operational excellence. Through collaborative efforts
across departments, we achieved substantial cost savings, improved efficiency, and enhanced employee
engagement.

The Main Objectives of Cost Marathon

l
Foster Kaizen- based continous improvement mindset
l
Identify and eliminate operational waste.
l
Realize tangible cost reductions across key functional areas.
l
Promote cross-functional team involvement and ownership.
l
Improved members motivation through awards by Top Management

Cost Reduction Projects

Cost Initiatives took place on all cost categories through Kaizen and
wastage control 3% reduction on consumables & Energy, 1% reduction
on overall Cost.
1. Consumables 2. Manpower 3. Repair & Maintenance
4. Utilities (Energy) 5. General Expenses 6. Parts

Top Management Commitment to Cost Marathon

At the core of our Cost Marathon initiative lies a strong and unwavering
commitment from top management. Recognizing the critical
importance of cost efficiency, resource optimization, and continuous
improvement, our leadership has taken proactive ownership in driving
this transformation across all levels of the organization.

Appreciation & Members Motivation

Management is proud to recognize initiatives & efforts—not only for
the savings achieved but for embodying our core values of ownership,
innovation, and excellence. Members actions are not just helping the
company grow sustainably but are also setting a strong example for
others to follow.
Members are appreciated phase wise by top management through
cash rewards.

Annual Report 2025 167

Driving Progress
Through Localization
Excellence
The broader vision of Indus Motor Company to year saw a record number of suppliers trained
drive sustainable mobility through self-reliance and audited to meet both in-house and global
and global excellence has been a driving force for standards. The incorporation of international
the Product Development department over the last standards and practices has been driven by the
year. Our goal aligns closely with this vision, as we experience of team members who have worked
have played a pivotal role in strategic localization with regional and global companies, contributing
across all our vehicle platforms, increasing the to the adoption of proven methodologies and
percentage of local parts, reducing dependence quality standards within our localization initiatives.
on imports and strengthening domestic supplier
ecosystems. This year also saw the dedicated efforts of IMC
towards projects in compliance with United
In FY2024–25, our department focused on four Nations automotive regulations. The Product
strategic pillars: expanding localized content, Development department, central to these
enhancing supplier capabilities, ensuring initiatives, played a critical role in ensuring our
regulatory alignment, and driving operational localized components aligned with global safety
efficiency. These efforts have collectively advanced and compliance expectations.
our company’s position as a forward-looking,
globally compliant, and locally rooted automotive Over the year significant efforts were made
leader. towards setting targets for shorter project life
cycles, ensuring their completion in record time,
Our key focus has been on enhancing the local thanks to tight cross-functional collaboration and
supplier base inducting new vendors, resulting in agile execution. These initiatives helped reduce
cost competitiveness, and conducting technical the overall project lifecycle by up to 15%, setting
training to improve supplier capabilities. This new internal benchmarks for efficiency.

168
SUPPLIER
CONFERENCE
2025
Thailand
IMC’s Supplier Conference is an annual event that brings together our valued suppliers to celebrate
achievements, recognize excellence, strengthen partnerships, share strategic directions, and align on
future goals, challenges, and opportunities

The conference serves three key purposes:

l
Recognition of Excellence: Honoring suppliers who demonstrate outstanding performance in
areas such as Quality, Delivery, Timely Development, Environment, and Cost Kaizen.
l
Strategic Alignment: Communicating Toyota’s vision and expectations for quality, cost
competitiveness, safety, and environmental sustainability, ensuring suppliers are prepared for
evolving market dynamics.
l
Capability Building: Encouraging wider and deeper localization, technology adoption, and
export readiness, enabling Pakistan to become a competitive player in the global automotive
supply chain.

Through this platform, IMC emphasizes its “One Team” philosophy, reinforcing that competitiveness
is a shared responsibility. Together, we aim to strengthen fundamentals in Safety, Quality, Cost, and
Delivery, while embracing innovation and sustainability to meet future mobility needs.

Last year’s conference, held in Bangkok, Thailand, joined by our valued suppliers, Toyota Motor Asia
(TMA), and Toyota Tsusho Corporation (TTC), reflected this spirit under the theme “Collaboration for
Competitiveness – Transforming Challenges into Opportunities”.

As we look ahead, the Supplier Conference remains a vital platform for mutual growth, resilience, and
long-term success, ensuring that IMC and its partners continue to lead with excellence in a rapidly
changing industry.

Annual Report 2025 169

 Safe Work is ‘the gate’
to all work. Let us pass
through

this
gate. -Eiji Toyoda

SHE

Safety, Health
&Environment

170
Safety
Month
This year, Safety Month was organised in
January with multiple activities, promotions,
appreciation events, and workshops to engage
our people more in promoting a safety culture
25
at the IMC workplace. It started with leadership
commitment and communication to highlight
the importance of safety in everything for
the IMC family. We ensured 100% member
engagement in the activities throughout the
20

month, including Toyota Safety League, which

was initiated for the first time ever in the history
of IMC, Cleanup Drive, which was arranged for
both offices and the plant, Awareness Sessions,
Trainings, Promotions, Safety Survey, and Fire
Drills.

Annual Report 2025 171

172
Annual Report 2025 173
IMC CLEANUP
DRIVE 2025
PRESS SHOP

WELD SHOP

ASSEMBLY (CV)

SCRAP YARD

ASSEMBLY (PC)

PTED AREA

LOGISTICS

PIO LINE

BUMPER SHOP

JIG SHOP

TRAINING CENTER

MARKETING OFFICE

PRODUCTION OFFICE

PD & IT OFFICE

ADMIN OFFICE

HR OFFICE

FINANCE OFFICE

174
Annual Report 2025 175
 SHOP WINNER:
PRESS SHOP
OFFICE WINNER:
FINANCE

176
Ini t iate d m u lt i p le s a fet y
awa re ne ss c a m pa i g n s ;
5 wa lk in g K P I awa re n e s s
ca m pa ig n s h ave be en
r u n am on g e m p loye es by
t h e S H E team a n d IM C
m e m b e rs .
5 Walking KPI
Promotion

Annual Report 2025 177

 Fire Drills &
Emergency
Response
Preparedness
In-house firefighting and emergency response training sessions have been
conducted for over 350 nominated firefighters to enhance their skills and refresh
their knowledge under the supervision of a certified trainer.

178
Road Safety
Awareness
Session A Road Safety Awareness Session
was organized by the Highway &
Motorway Police to provide refresher
safety practices. The session was
attended by all IMC drivers, Admin
staff, and Shop PICs to ensure the
message is effectively conveyed
across relevant areas. Key points
highlighted during the session
included the importance of always
wearing a seatbelt, stopping a
vehicle completely before making
calls before making calls, following
traffic signals, avoiding the use
of mobile phones while driving,
maintaining a safe distance between
vehicles, and refraining from running
while crossing the road.

Annual Report 2025 179

Driver
Assessor
Training

180
Annual Report 2025 181
 GOYO
ACTIV

182
 OKIKI
VITY
Started the Goyokiki Activity for the first time for our
Logistics Partners (Inbound and Sales both). We have a
total of 26 Logistics Partners, to which one by one we
will visit, and ask them for any difficulties they are facing
while working, and to resolve them as one team.

Annual Report 2025 183

Shaping
a Greener
Tomorrow
IMC Compost Facility friendly effort has contributed significantly to
reducing IMC’s overall waste by 50%, reinforcing
In July 2024, Indus Motor Company inaugurated a the company’s commitment to environmental
new composting facility dedicated to processing stewardship and fostering a greener workplace.
organic food waste. Through this initiative, 100%
of organic waste is converted into nutrient-rich The facility comprises a total of 12 boxes, each
compost, serving as natural fertilizer for the with a capacity of 1,170 kg, which can produce
landscaping across IMC premises. This eco- approximately 585 kg of compost every 45 days.

184
 24
The SHE Team had the privilege of participating in
the 31st Annual QCC Convention 2024 in the Office
Category, presenting on the theme “Food Waste
Reduction Through Awareness & Kaizen.” We are
pleased to share that our efforts were recognized
with a first-place award. This achievement reflects
our ongoing commitment to sustainability and

QCC
continuous improvement at IMC.

Learn & Discuss

20 On 29th July 2024, IMC launched the “Learn

& Discuss Activity” to engage employees in
meaningful conversations about pressing
environmental issues, including acid rain, climate
change, ozone depletion, and deforestation. The
sessions aimed to raise awareness and encourage

award
proactive thinking about sustainability.

As a thoughtful gesture, plants were distributed

to all participants to take home, symbolizing
a commitment to nurturing the environment.
Employees will share updates on the growth and
condition of their plants after 30 days, further
reinforcing a collective responsibility towards a
greener future.

Occupational Safety & Health Management System

We are pleased to share that IMC has successfully achieved Highest Level ever in Occupational Safety
& Health Management System in Process KPI during the annual audit CY2024 conducted by TMA, last
month.

This milestone of LEVEL-5 has been attained through gradual improvements over the years and
consistent collaborative efforts across the team towards the effective implementation and sustainability
of the system.

We would like to extend our congratulations to all IMC Family. Let’s continue your strong commitment
to safety.

Annual Report 2025 185

Environment
Month 2025

World Envrionment Day 2025

Cross Functional Audit – Green
Office Program
Genba & Management Quiz
ECO Drawing Competition
Tree Plantation Drive 2025

186
Disaster Risk Assessment Audit
TMA conducted its annual audit of IMC to evaluate disaster risk management practices. IMC was
commended for its thorough risk assessment processes and effective mitigation plans, reflecting the
company’s strong commitment to safety and preparedness. These annual audits ensure continuous
improvement and resilience in our operations.

Training & Awareness

1. Chemical & Spill Control Training (August 2025)

2. Office Ergonomics
3. IMC No Smoking Day
4. World Cleanup Day
5. Food Waste Reduction Awareness
6. Awareness Session on ISO 14001 & 50001
7. Chemical Drill

Annual Report 2025 187

Fueling talent that
powers the world,

10,000
of our youth have been trained
under the

Toyota Apprenticeship
Team Member
Program (ATM)
and are now working in different
parts of the world.
Showcasing Pakistan’s talent in the
global automotive industry.

IMC trained Human Resources

are Working at Toyota Plants
in Japan and making

Pakistan Proud.
188
Annual Report 2025 189
 The Toyota style is
not to create results
by working hard. It
is a system that says
there is no limit to

people’s
creativity. -Taiichi Ohno

HUMAN

Resources
190
Human
Resources at

INDUS
MOTOR
COMPANY
Play a pivotal role in driving the company’s success
by fostering a dynamic and supportive work
environment. The HR department is committed to
attracting, developing, and retaining top talent while
ensuring the well-being and professional growth of
all employees.

CREATING A CULTURE THAT CARES

Rev up
The event showcased a vibrant Our champions not only excelled
lineup of games, including in their respective games but
FIFA, Table Tennis, Paddle also truly embodied the Toyota
Tennis, Pool, Throwball, and spirit.

2.0
Foosball-celebrating teamwork,

Together,
sportsmanship, and a strong
sense of unity across IMC. It
was a thrilling sports fiesta
where employees displayed
remarkable competitive energy
and camaraderie. Notably, the
event highlighted strong female
we play,
we win,
and we drive
towards
participation and enthusiasm for excellence!
outdoor sports.

Annual Report 2025 191

SCORIN
ON TEAM
192
NG BIG
M SPIRIT
Annual Report 2025 193
Growth
Turning
Feedback into

Insights from the latest Employee Engagement Timely – Provided at the right moment to ensure
Survey highlighted a critical area for improvement: relevance and impact.
line managers were not consistently providing
timely feedback to their team members. This Actionable – Clearly outlining next steps or
gap in real-time communication was impacting improvements.
employee development, alignment, and overall Transparent – Honest and open, fostering trust.
engagement.
Meaningful – Personalized and aligned with
Strategic Action: In response, a structured
individual growth.
feedback framework titled “Loop In – Move Ahead”
was designed and launched. This initiative is By fostering a culture of continuous feedback,
focused on equipping team leads and managers this intervention is driving enhanced employee
with the tools and mindset needed to deliver growth, accountability, and performance clarity,
feedback that is: ultimately contributing to a more engaged and
high-performing workforce.

194
Pathways to
Parenthood
This workshop, organized in collaboration
with DoctHers, was a thoughtfully curated
and interactive session aimed at individuals
considering parenthood or interested in
understanding modern parenting dynamics.
The session featured public health specialists
who led discussions and facilitated group
activities. Key areas of focus included the
evolution of parenting in contemporary
society, the continued importance of core
family values, adaptive parenting techniques
for fostering a healthier family environment,
and practical strategies to address current
parenting challenges.

Annual Report 2025 195

Learning Today,
Leading Tomorrow
Indus Motor Company places great importance on training and development, recognizing it as essential
for both individual and organizational growth. The company is committed to cultivating a culture of
continuous learning and skill enhancement, ensuring that its employees are fully equipped to meet the
evolving demands of the automotive industry. Between FY24-25, the company recorded an impressive
total of 65,369 training man-hours — a testament to its dedication to employee development.

196
GST
Global Skill Training (GST) with focus on five core
is a developmental initiative areas: Safety, Quality, Cost,
launched by TMC Japan, Production, and Human
providing employees with the Resource Management.

Global opportunity to work in Japan

and enhance their technical
and operational capabilities.
The objective of GST Type B
Till date, four batches of
trainees have been dispatched
from TMC, with the fifth batch

Skill is to enable participants to

experience and understand
the high standards of
currently in the dispatch
phase and the sixth batch in
the initial preparation stage.
Out of the four batches, two

Training
TMC’s genbaryoku and
performance criteria, while have successfully completed
also contributing to the their training and returned,
optimization of global DHC. while batches three and four
GST trainees are assigned remain on assignment at TMC
to production lines at TMC in Japan. In total, 227 trainees
plants, where they engage have been sent so far—76 of
directly and learn “Genba” whom have completed their
traineeship, while 91 are
still actively engaged in the
program. Looking ahead,
approximately 100 additional
trainees are expected to join
various Toyota plants across
Japan in the next fiscal year.

In a major expansion of the

program, the scope of GST
has now been extended
to Thailand. The first batch
of trainees dispatched to
STM Plant in July 2025,
further strengthening IMC’s
commitment to global talent
development and operational
excellence.

An awareness session on Healthy

Eating was recently conducted at IMC
as part of our ongoing commitment to

Eating
employee well-being and performance
enhancement. The session emphasized
the critical link between nutrition and
workplace productivity, highlighting

Right, how healthy eating habits can lead

to improved energy levels, better
concentration, and enhanced overall

Performing
performance. Expert nutritionists shared
practical tips on balanced diets, smart
food choices, and managing nutrition
during busy workdays. By fostering

Bright awareness and encouraging healthier

lifestyles, the session aimed not only
to support the physical well-being of
employees but also to empower them to
perform at their best, both mentally and
physically.

Annual Report 2025 197

Opening Doors with Inclusion
Kosen - Ray of Light
This year, in partnership with NOWPDP, we launched an initiative to provide internship opportunities
for Persons with Disabilities, reinforcing our commitment to fostering an inclusive workplace. As part of
this pilot program, two interns were onboarded within the Sales Admin team, offering them valuable
learning and development opportunities. To support a more inclusive environment, we also conducted
sensitization and sign language sessions, aimed at promoting effective communication and creating a
supportive culture for all.

MOM Connect
Supporting
As part of our DE&I commitment, we launched MOM
Connect, a dedicated support group for working mothers
at IMC. This platform encourages shared experiences,
motivation, and mutual growth.

Working Recently, a Mother’s Day celebration was held, featuring

a calming yoga session led by a professional instructor-
allowing our incredible working moms to unwind,

Mothers connect, and recharge. We remain inspired by the

resilience and balance shown by our working mothers
and are committed to empowering them through every
step of their journey.

198
Enabling the Journey
of a Lifetime
IMC Hajj & Umrah Scheme
The IMC Hajj Scheme was launched in 2007 to provide an opportunity for its staff members to perform
Hajj. In 2023, the 16th Hajj balloting under the IMC Hajj scheme was held.

Participation Overview
To date, 68 members from both management and non-management have performed Hajj through this
scheme. In 2025, 18 members have performed Hajj. In total, 86 members have availed this opportunity
so far.

The IMC Umrah Scheme was launched in 2020 to provide an opportunity for its team members to perform
Umrah. In 2023, the 3rd Umrah balloting under the IMC Umrah scheme was held.

To date, 15 team members have performed Umrah through this scheme, with 10 team members falling
under category 1 and 5 team members under category 2. In total, 15 team members have availed this
opportunity so far.

Annual Report 2025 199

BREAST
BREAST
CANCER
CANCE
AWARENESS In partnership with HOH, a
comprehensive breast cancer
awareness session was conducted

WARENES
featuring Dr. Samiya and her team
from AKU, who provided on-site
consultations and screenings for
our female employees.

As part of Pinktober, we also

organised the “Beads of Hope”—a
four-day interactive activity where
employees crafted bracelets
symbolising hope, strength,

PINKTOBE
and love. The overwhelming
participation was a testament to
our collective spirit of support and
solidarity.

25
REAST
PINKTOBER

20

ANCER
200
 Womenpreneurs
In celebration of International Women’s Day, we
hosted a vibrant Women’s Day Exhibition featuring
31 Female Entrepreneurs, showcasing diverse
products ranging from food and books to jewelry
and handicrafts.
Taking our inclusion efforts a step further, this year’s
event also welcomed organisations supporting
Persons with Disabilities, including a soulful
musical performance by Mustafa Jumani, a gifted
child on the autism spectrum.

EMPOWERING

Annual Report 2025 201

JOURNEYS
THAT
BRING US
TOGETHER
An exciting four-day journey by train to Changa Manga Forests,
bringing together teams from Marketing, Sales, and CFD. The
trip featured bonding sessions, fun-filled skits, and a spirited
singing competition—making it a memorable team experience.

202
Annual Report 2025 203
204
Nagar
SAQAFAT JO SAFAR
rparkar
A culturally immersive experience
involving Corporate Functions, PD,
and PIO. The trip included sightseeing,
team activities, and an unforgettable
visit to the historic Nagarparkar
temple, encouraging cross-functional
collaboration.

Annual Report 2025 205

206
Annual Report 2025 207
 family
day
208
 a day o
&Zi
frolic
Annual Report 2025 209
of fun,
ing
210
a day t
211
to reme
Annual Report 2025 212
ember
213
214
Winner
from the
AND THE

IS # 3762
Abdul Sattar, a devoted Team Member
Shop
Shop(Employee
(Employee#3762),
Assembly Shop #3762), had
had
(Employee
#3762), had his hard work and loyalty
rewarded on Family Day, where he was
fortunate enough
Bumper to win latest
Prize—the the Grand
Yaris
Bumper Prize—the latest Yaris
Bumper Prize—the latest Yaris 2025!
A moment of pride and celebration,
echoing the spirit that; dreams do
come true!

Annual Report 2025 215

 IT

Information
Technology
216
Data-Driven Future Innovations
Toyota Indus Motor Company places the highest emphasis on trust, considering it a fundamental
promise that underpins every interaction, transaction, and product delivery.
Artificial Intelligence (AI) and automation are rapidly transforming the global automotive landscape,
redefining the way vehicles are designed, manufactured, distributed, and serviced. These technologies
are driving significant improvements in operational efficiency, product quality, and customer experience.
This document highlights the strategic areas where AI and automation are creating measurable impact
within the automotive sector.
• Smart Manufacturing: Intelligent robots perform repetitive
tasks such as welding, painting, and component assembly
with exceptional precision.
• Quality Assurance: AI-powered computer vision systems
detect defects in real time, ensuring compliance with strict
quality standards without reliance on manual inspection.
• Supply Chain Optimisation: AI analyzes market trends and
sales data to optimise production planning and inventory
levels, reducing waste and improving responsiveness.
• Customer Engagement & Sales: AI is revolutionising
customer interactions by delivering highly personalised and
automated experiences. AI-driven chatbots provide tailored product recommendations, targeted
promotions, and guided buying journeys—ultimately boosting conversions. They also support
upselling and cross-selling by suggesting relevant add-ons based on customer preferences and
behavior. Furthermore, by analysing customer interactions and feedback, chatbots generate
actionable insights that enable marketing teams to refine campaigns and strengthen customer
relationships.
IMC is moving forward with its vision of increased automation to drive efficiency and innovation.

Revolutionizing Operations: Our RFID System

Sets a New Standard
An incredible system conceptualised at IMCL. Our
groundbreaking RFID-based invoice verification system
is not just improving our daily operations; it’s a new
benchmark within the industry making us the first to use
RFID for verifying Invoices.
We all know the challenges of manual invoice verification.
Our new RFID system automates and streamlines this
critical process, drastically reducing manual effort and
virtually eliminating errors. This means smoother workflows
and more time for our teams to focus on what they do best.
What truly makes this project shine and sets us apart in the
Pakistani auto industry is its seamless, real-time integration
with our core SAP S/4HANA platform. This ensures every
piece of data is authenticated instantly against our central
database, providing unparalleled accuracy and immediate
insight.
Our teams can now effortlessly validate RFID labels against
serial numbers, with every action meticulously logged for
complete auditability and traceability. Plus, advanced
security features like encryption and authentication, and
using unalterable tag IDs ensure the highest level of data
integrity.
This project is a testament to our collective dedication to innovation and operational excellence
embracing technology for a stronger tomorrow.

Annual Report 2025 217

Mobile Biometric
Verification
Application
As part of our ongoing commitment to enhance
customer experience and strengthen digital
security, we are pleased to announce the successful
launch of our Mobile Biometric Verification
Application. This innovative solution enables our
customers to verify their identity seamlessly using
biometric authentication such as fingerprint at the
time of vehicle registration and delivery. The implementation also integrates directly with
production floor operations, enabling continuous
Key highlights of the application include:
monitoring of performance metrics and real-
• Secure biometric authentication (Fingerprint time visualization of critical KPIs via dashboards.
recognition). This visibility plays a pivotal role in minimizing
production errors and ensuring process adherence.
• Real-time verification and instant confirmation
from NADRA. Indus Motor Company utilizes a comprehensive
suite of SAP modules to professionally manage
• Integration with backend systems for its operations, ensuring a seamless, end-to-end
automated processing. process landscape. To enhance user interaction
and analytical capabilities:
• Enhanced fraud prevention through multi-
layered security features. • SAP Fiori delivers an intuitive and user-friendly
interface that improves user experience and
This launch represents a significant milestone in
adoption.
our digital transformation journey, reinforcing
our commitment to leveraging technology for • SAP Analytics Cloud (SAC) is leveraged
operational efficiency and superior customer for advanced reporting and visualization,
service. enabling data-driven decision-making across
departments.

Streamlining The system’s centralised architecture, backed by

a unified database, ensures data integrity, robust
Business Through process controls, and high system availability.
Seamless integration with third-party applications
Centralisation via APIs eliminates redundant data entry and
enhances operational efficiency throughout the
SAP is globally recognized as a leading Enterprise enterprise.
Resource Planning (ERP) platform, offering
integrated modules designed to manage and
streamline day-to-day business operations. At Driving Digital
Indus Motor Company Ltd., SAP S/4HANA has been
strategically deployed as the digital backbone of Transformation
its production and business systems, significantly
enhancing operational visibility and efficiency. Together
SAP S/4HANA enables real-time electronic data IMC has made substantial progress in utilizing
exchange across core functions such as planning, SAP as a catalyst for business transformation.
manufacturing, procurement, and logistics. Its in- Through the implementation of innovative process
memory computing architecture supports high- improvements and increased system automation,
speed data processing and immediate access to SAP has become a key enabler of agility,
critical production data, allowing for Just-in-Time operational efficiency, and strong governance.
(JIT) manufacturing—where components are Close collaboration between business and IT
delivered precisely when needed on the assembly teams has led to the deployment of forward-
line. This alignment of supply with demand in real thinking solutions that enhance current operations
time helps reduce inventory costs and enhances while preparing the organization to meet
responsiveness across the value chain. future demands. These advancements reflect
management’s strong commitment to digital

218
innovation as a foundation for sustainable long- all endpoints, networks, cloud workloads, and
term value creation. web traffic. The EDR component monitors devices
for malware and anomalies, while NDR analyzes
The IT business partner consistently collaborates network traffic to detect hidden threats. By
with business users to enhance operational integrating with these systems, the XDR solution
processes through continuous improvement correlates data across these platforms, reducing
(Kaizen) initiatives. This includes identifying false positives and providing comprehensive
opportunities for automation. visibility into potential attacks.
Regular discussion sessions are held with business The AI-driven threat intelligence platform enables
stakeholders to analyze workflows and drive real-time detection and automated responses,
innovation, particularly within production and such as isolating compromised endpoints,
other key departments. Strategic enhancements blocking malicious IPs, or updating firewall
have also been implemented at the Purchase policies to halt lateral movement. This seamless
Requisition (PR) and Purchase Order (PO) levels to integration streamlines our Security Operations,
ensure greater accuracy and control, incorporating accelerating incident response and minimising
managerial-level approvals to strengthen downtime.
governance.
Key benefits include enhanced threat detection
across all attack vectors, improved SOC efficiency
AI-Driven Innovation through automation, and scalability to support our
evolving digital infrastructure. This deployment
Indus Motor Company places a high emphasis on secures our commitment to continuous innovation.
trust, which it considers a fundamental promise
across all interactions, transactions, and product
deliveries. In today’s rapidly evolving digital
landscape, the company faces challenges such as
Fortifying
document forgery, which threatens transparency
and fairness. To address these issues and uphold
Cybersecurity with
its standards, Indus Motor Company is committed
to adopting cutting-edge solutions. Next Generation
In this context, Indus Motor Company has
collaborated with Trusted Technology Partners.
Firewall
This collaboration directly addresses a recurring This strategic initiative marks a significant
issue faced by Indus Motor Company: the frequent milestone in strengthening the cybersecurity
appearance of forged and fake sales invoices. posture, safeguarding critical operations, and
ensuring the protection of sensitive data across
This strategic deployment of vrdOCR underscores our network.
Indus Motor Company’s ongoing investment in
technology and innovation. This commitment aims As automotive manufacturing relies on
to safeguard its brand, protect its customers, and interconnected systems, applications, and cloud-
build stronger trust at every step. based platforms that evolve and grow at a much
faster pace nowadays, the risk of cyber threats has
also grown exponentially.
A Proactive Approach The Next Generation Firewall combines intrusion
to Cybersecurity- prevention, deep packet inspection, and real-time
threat intelligence, while the WAF safeguards web

Close the Loop applications from vulnerabilities like SQL injection

and cross-site scripting.
The deployment of an Extended Detection The adoption of this advanced NGFW with WAF
and Response (XDR) solution enhances our functionality addresses these challenges head-on,
cybersecurity framework. Integrated with the providing robust protection against sophisticated
existing Next-Generation Firewall (NGFW), Hyper- cyberattacks while enhancing operational
Converged Infrastructure (HCI), and Web gateway, efficiency.
the XDR platform delivers a 360-degree view
of threat intelligence with real-time automated This move reinforces our commitment to secure,
threat mitigation. innovative manufacturing in an increasingly
connected automotive landscape.
As cyber threats grow more sophisticated,
targeting interconnected manufacturing systems,
IoT devices, network devices & end user machines,
IMC’s XDR deployment unifies telemetry data from

Annual Report 2025 219

 Driving the nation towards a
sustainable future,

The Company
has installed a

6.6MW
solar energy system, the largest roof-mounted
green energy system in the country.

220
 Planted

920,000
Trees
To reduce the carbon footprint and
foster a more sustainable environment
in Pakistan, IMC is committed to a
nationwide drive to plant 1 million trees.

Annual Report 2025 221

 CSR

Corporate
Social
Responsibility
222
 Concern
Beyond Cars

27%
Education
4%
Road Safety

FY24-25
4% Rs 231M 11%
Environment Sports
SPEND

12%
Sustenance
42%
Healthcare

At Indus Motor Company, sustainability is not a side initiative — it is central to our purpose and progress.
For 35 years, we have combined innovation with responsibility, ensuring that our growth delivers shared
value for society. In FY2025, IMC invested PKR 231 million in healthcare, education, sustenance, sports,
and road safety programs, reinforcing our commitment to building resilient communities. Aligned with
Toyota’s global vision of inclusivity and sustainability, we continue to translate strategy into impact,
creating a future where business success and social well-being move forward together.

Annual Report 2025 223

 CHALLENGE 1 CHALLENGE 2 CHALLENGE 3
New Vehicle Zero Life Cycle Zero Plant Zero
CO2 Emissions CO2 Emissions CO2 Emissions
Challenge Challenge Challenge

CHALLENGE 4 CHALLENGE 5 CHALLENGE 6

Challenge of Challenge of Challenge of
Minimising and Establishing a Establishing a Future
Optimising Recycling-based Society in Harmony
Water Usage Society and Systems with Nature

Toyota has been committed to protecting the global environment since establishing the Toyota
Earth Charter in 1992 (revised in 2000) and formulating the first Environment Action Plan in 1993.
Every five years, Toyota rolls out an action plan to ensure that all Toyota affiliates implement
environmentally responsible actions.

In 2015, Toyota introduced the Toyota Environmental Challenge in 2050. This challenge aims to
realize a sustainable society by addressing global environmental concerns, including climate
change, water scarcity, resource depletion, and biodiversity loss. Toyota is implementing
strategies aligned with these six challenges to minimize the adverse environmental effects
of production and vehicle operation, striving to achieve near-zero impact while positively
contributing to society. To realize the Toyota Environmental Challenge 2050, IMC has established
short-to-medium-term targets and is actively pursuing initiatives to advance a sustainable
society.

The 2030 target is a milestone set by Toyota to achieve the Toyota Environmental Challenge
2050. It includes milestones for the six challenges, including reducing CO2 emissions.

224
 SUSTAINABILITY
REPORT 2024
In January 2025, IMC released its 9th Sustainability Report for the year ended June 30, 2024,
reaffirming its commitment to responsible growth and transparency. Prepared in line with GRI
Standards, the UN Global Compact Principles, and the United Nations Sustainable Development
Goals, the report outlines IMC’s contributions to society, the environment, and climate action.
Key initiatives include reducing carbon emissions through energy-efficient technologies,
renewable energy integration, process optimization, hybrid and fuel-efficient vehicles, and
eco-friendly supply chain practices. Aligned with Toyota’s Environmental Challenge 2050,
these efforts reflect IMC’s long-term vision of decarbonization and a sustainable future for
communities and the planet.

225
 NEIGHBORING
COMMUNITIES
Uplifting Program
At IMC, the Neighboring Communities Uplifting Program reflects our commitment to creating a positive
and sustainable impact on society. We remain dedicated to empowering communities by fostering
education, addressing social challenges, and inspiring growth for national development.

Through a holistic approach, the program covers a diverse range of CSR initiatives, unique in their
scope and impact, ranging from addressing immediate needs such as food and healthcare to long term
interventions like early childhood education under Toyota Goth Education Program (T-GEP). Currently,
IMC supports six neighboring villages (goths), with a focus on building self-reliant and sustainable
communities.

FREE HEALTHCARE 45,143

TO NEIGHBORING LIVES TURNED INTO
MIRACLES WITH
COMMUNITIES MEDICINES

Access to quality healthcare remains a critical challenge in Pakistan, with millions of people, particularly
in underserved communities, lacking timely medical attention and essential services. Recognizing this
urgent need, IMC focuses on strengthening healthcare infrastructure, providing medical assistance,
and supporting wellness programs to improve the health and well-being of communities. Through
its initiatives, IMC ensures that healthcare becomes accessible, reliable, and inclusive, reflecting its
commitment to creating lasting social impact under its flagship CSR platform, Concern Beyond Cars.
Free Medical Camps

Free medical camps are organized three times a week to

provide basic healthcare services to the underprivileged
communities nearby. In collaboration with Saylani Welfare
Trust, these camps offer blood sugar and blood pressure
screenings, along with referrals of serious cases to partner
hospitals. Over the year, 150 free medical camps were
conducted, where 28,501 patients received treatment for
illnesses such as respiratory infections, gastroenteritis,
and other common health problems. Prescribed medicines
were also distributed free of cost.

Annual Report 2025 226

Free Psychiatric Health Camps

Free psychiatric camps are organized weekly to

provide much needed mental healthcare services
in the surrounding villages. In collaboration with
Karwan-e-Hayat, these camps offer consultations,
initial diagnoses, and referrals of severe cases
to partner hospitals. With a population of 250
million and only one psychiatrist available for
every 500,000 people, the demand for accessible
mental health services is immense. Over the
year, 51 number of free psychiatric camps were
conducted, where 4,642 patients were treated for
conditions such as depression, bipolar disorder,
and schizophrenia. Prescribed medicines were
also distributed free of cost.

Blood Donation
Drive at IMC
IMC, in collaboration with Indus Hospital,
organized its first-ever blood donation
drive at the plant to save lives and foster
a culture of social responsibility. The
event drew an inspiring response from 114
Transforming Child Healthcare in Underserved participants, of whom 70 were eligible to
Communities donate blood for the first time. Beyond the
act of donation, each donor underwent
Pakistan has one of the highest child mortality six supplementary blood tests, providing
rates in the world, with over 1,000 children under comprehensive health insights alongside
five dying daily, 80% from preventable causes their life-saving contribution. The collected
(UNICEF). To bridge this gap, IMC in partnership blood will directly support patients battling
with ChildLife Foundation, provides free, quality
chronic illnesses and undergoing critical
pediatric care through emergency rooms, primary
surgeries. Blood donation not only plays
clinics, and preventive programs.
a vital role in saving lives but also benefits
In 2022, ChildLife upgraded the PIMS Hospital donors by maintaining healthy iron levels
Emergency Room in Islamabad from a 12-bed and supporting cardiovascular well-being.
unit to a 30-bed world-class facility. Since then, The enthusiastic participation of IMC
more than 250,000 children from Islamabad, employees underscored their commitment
Rawalpindi, and surrounding regions have to compassion, social responsibility, and
received timely treatment of these, 12,000 health awareness, making the drive a
critically ill children, including 3,000 neonates, resounding success in both community
were saved through IMC-supported life-saving impact and employee engagement.
equipment and medicines in the state-of-the-art
Resuscitation room.

227
CONSTRUCTING
HEALTH,
CREATING HOPE
IMC has been consistently investing in
Pakistan’s healthcare, turning visions of
care into reality. Through its ongoing
support for the Indus Hospital Karachi, it
has helped expand a facility that serves
hundreds of thousands of patients with
free, high-quality healthcare.

IMC also supports the Jinnah

Postgraduate Medical Centre’s
Surgical Complex through
the Patient Aid Foundation,
strengthening critical surgical
care in the city. In partnership
with Shaukat Khanum Cancer
Hospital Karachi, IMC is
helping create a world-class
cancer care facility equipped
with advanced treatment and
research capabilities.

IMC is further contributing to the Sindh

Institute of Urology and Transplantation
(SIUT) by supporting its newly
constructed facility in Karachi, which
will enhance the institute’s capacity
to provide specialized urology and
transplant services to thousands of
patients in need.

Beyond hospitals, IMC is fostering

dignity for the elderly through
the construction of Safaid Posh
Ghar, a modern home designed
for senior citizens.

Through these sustained efforts,

IMC is not just building healthcare
infrastructure–it is building hope,
empowering communities, and
shaping a healthier future for
generations to come.

228
 FREE FOOD 154,034
LIVES FED WITH
DISTRIBUTION DIGNITY BY IMC
Food scarcity remains a pressing challenge in Pakistan, where millions of people struggle to secure
sufficient nutrition. Rising poverty, inflation, and unemployment have left a significant portion of the
population vulnerable, with many families forced to skip meals.

Every day, countless individuals go to sleep hungry, highlighting the urgent need for sustainable food
assistance and social support programs.

Weekly Food Distribution

Cooked food distribution drives are

organized every week to support
underprivileged communities in the
surrounding areas. In collaboration
with Saylani Welfare Trust, freshly
prepared meals are provided to
families facing food insecurity,
ensuring access to nutritious food
on a regular basis. Over the year,
weekly distributions were conducted,
through which thousands of meals
reached individuals and families
in need. This initiative has not only
helped reduce hunger but also
supported the overall health and well-
being of vulnerable communities,
with 50,560 persons nourished.

Daily Food Distribution

Alongside the weekly drives, daily

food distribution is carried out in
collaboration with Saylani Welfare
Trust and Safaid Posh Dastarkhwan.
Through this initiative, freshly cooked
meals are served every day to
individuals and families who struggle
to afford basic nutrition. By ensuring a
consistent supply of food, the program
helps address immediate hunger
while upholding the dignity of those in
need, with 77,474 persons nourished.

Annual Report 2025 229

Food Distribution During Muharram

During the sacred days of Muharram,

daily food distribution is organized
26,000
PLATES,
in collaboration with Safaid Posh
INFINITE HOPE
Dastarkhwan. Through this initiative,
freshly prepared meals are served
to individuals and families, ensuring
that no one goes hungry while
honoring the spirit of generosity
and remembrance associated with
this month. By providing consistent
access to nourishing food, the
program not only addresses
immediate hunger but also upholds
the dignity of those in need.
Ration Distribution During Ramazan

Recognizing the impact of social and

economic determinants on health, IMC,
in collaboration with Saylani Welfare
Trust, distributed free ration packs
to vulnerable village communities in
need, benefiting 1,330 families.

DRIVING SOCIAL IMPACT 2,269

THROUGH EDUCATION FUTURES BRIGHTENED
THROUGH FREE
EDUCATION

Education is a fundamental right of every child, forming the foundation for personal growth,
empowerment, and a brighter future. It equips children with the knowledge, skills, and confidence to
overcome barriers, break the cycle of poverty, and contribute meaningfully to society. Recognizing this,
IMC, through its flagship CSR platform Concern Beyond Cars, focuses on ensuring access to quality
education for underserved communities. By supporting schools, scholarships, and inclusive learning
programs, IMC not only upholds the right of every child to learn but also nurtures the next generation
of informed, capable, and empowered citizens.
Toyota Goth Education Program (T-GEP)

IMC’s flagship social initiative, the Toyota Goth Education Program (T- GEP), continues to transform lives
through the power of education.

Now in its 17th year, the program is run in

collaboration with The Citizens Foundation (TCF)
under IMC’s Neighboring Communities Uplifting
Program. T-GEP was launched with a vision to
break the cycle of poverty by providing access to
quality education for out-of-school children from
underprivileged villages (Goths) surrounding IMC.
To encourage enrollment and ensure uninterrupted
learning, IMC extends full financial support for both
elementary and secondary education.

The impact of this initiative is reflected in the steady

rise of enrollments; 407 students are now attending
15 TCF campuses under T-GEP for the academic
year 2024-25, up from 300 students in the previous
year. This growth underscores IMC’s commitment
to empowering future generations and driving
sustainable change in its neighboring communities.

230
Nurturing Minds for Future Generations
with The Citizen Foundation (TCF)

Beyond T-GEP, IMC also supports three

dedicated TCF schools in Karachi,
Hyderabad, and Muzaffargarh, where
1,235 students are currently enrolled,
compared to 1,100 in the previous year.
These schools are sustained through a
PKR 92 million endowment fund along
with an annual grant. The campuses
in Hyderabad and Muzaffargarh have
been built entirely by IMC which reflects
the Company’s long-term investment in
education and community development.

As part of Toyota’s global Start Your

Impossible campaign, IMC invited Olympic
gold medalist Arshad Nadeem to visit a
TCF school in Lahore on 13th March 2025.
The event celebrated determination and
inclusion while highlighting the importance
of accessible education for underprivileged
children. Arshad inspired students by sharing
his journey of setting a world record despite
limited resources and commended IMC’s
ongoing support for TCF schools through
its flagship CSR program, Concern Beyond
Cars, reflecting its commitment to building
an inclusive and thriving society.
Advancing Literacy, Shaping Tomorrow with
Development in Literacy (DIL)

As part of its Neighboring Community Uplifting

Program, IMC has strengthened its commitment to
education and youth empowerment by partnering
with Development in Literacy (DIL) to adopt the
DIL Malir Campus in Karachi, directly impacting the
lives of over 600 students. This initiative focuses
on enhancing access to quality education, modern
infrastructure, and digital learning resources, while
also establishing a sustainable alumni network to
support students well beyond their school years.
The collaboration underscores IMC’s broader vision
of nurturing future generations and driving long-
term social impact under its flagship CSR platform,
Concern Beyond Cars.

Annual Report 2025 231

Inclusive Education for Every Child
with Deaf Reach School

In Pakistan, an estimated 1.25

million children are deaf, yet less
than 5% have access to formal
education. Recognizing this
gap, IMC partnered with Deaf
Reach School to create education
opportunities for economically
disadvantaged children with
sensory impairments, making a
tangible social impact.

Last year, 12 students benefited

from full scholarships, and this year
the number has increased to 27
students, providing education from
elementary to higher secondary
levels. The initiative ensures access
to quality learning resources
and mentorship opportunities,
fostering personal and academic
As part of Toyota’s global Start Your Impossible
(SYI) campaign, IMC invited Olympic gold
medalist Arshad Nadeem to the Deaf Reach
School’s Annual Sports Day in Lahore on 19th
December 2024. His visit, under the SYI Hero
project, celebrated perseverance and inclusion
while inspiring students and highlighting the
importance of accessible education for deaf
children. This collaboration reflects IMC’s
commitment to nurturing future generations
and creating lasting social impact through its
flagship CSR platform, Concern Beyond Cars.

Nurturing Talent, Shaping Tomorrow with Habib University

Habib University, Pakistan’s first community-owned liberal arts and sciences institution, delivers high-
quality education to students from diverse backgrounds. Adopting an American-style, multidisciplinary
approach, the university equips students with 21st-century skills and offers degree programs in Science,
Engineering, Arts, Humanities, and Social Sciences.

In FY 2024-25, IMC contributed PKR 25 million to support Habib University’s operational sustainability,
educational advancement, and academic excellence initiatives. This funding enhances learning
opportunities, strengthens research and extracurricular programs, and provides students with the
resources and environment needed to realize their full potential. As a result, students benefit from
improved facilities, enriched educational experiences, and expanded opportunities for academic and
professional growth, preparing them to become future leaders.

232
KVTC
Graduation
Ceremony
Under the Concern beyond cars initiative, the IMC
played a key role in the 2025 convocation ceremony of
the Karachi Vocational Training Centre (KVTC), where
landmark support measures were announced for
differently-abled youth. These included a Rs. 500,000
grant each for eight para-athletes who excelled at the
21st WATA international Championship, Rs 2.5 million
each for ten graduates (5 boys and 5 girls) to launch
entrepreneurial ventures and employment offers at IMC
for five graduates. The event was attended by the Chief
Minister of Sindh and Consulate Generals of Japan,
Turkey, and the United Arab Emirates, reaffirming
IMC’s commitment to inclusion and sustainable
empowerment. IMC is proud to support the dreams
and aspirations of these incredible young individuals
who continue to inspire us all.

Annual Report 2025 233

Unleashed:
Step into
Leadership

21 Candidates
IMC, in partnership with Youth Impact, hosted
the “Unleashed: Step into Leadership” camp
on 29–30 May 2025 in Karachi, training
21 young participants (7 boys, 14 girls) in
leadership through workshops, challenges,
and mentoring. Focused on self-awareness,
confidence, and communication, the program
shortlisted 10 high-potential individuals for
Youth Impact’s advanced leadership track,
Markhor, underscoring IMC’s commitment to
inclusive youth development in Pakistan.

SCAN TO
WATCH VIDEO

234
Everyone can rise above
their circumstances and
achieve success if they
are dedicated to and
passionate about what
they do. – MOTHER TERESA

Youth Leadership
Conference
The Markhor is Pakistan’s first wilderness-based
Youth Leadership Club run by the not-for-profit and
award-winning brain-child of Abdul Samad Khan,
Youth Impact. The Markhor Conference is a five-day
all outdoors program held at an off-the-beaten track
location, which is pivotal in showcasing the richness
of Pakistan, this time by holding the YLC at Paye
Meadows, Shogran Valley, KPK.

Innovation is central to everything we do at IMC, and

likewise, group diversity is Markhor’s unique stamp.
Over 78 young kids, from different socio-economic
backgrounds, religions, and regions, in their element
was a visual treat. The intricate theme was Quest of
Zarbe kaleemi.

IMC has been an enthusiastic supporter of Markhor

since 2014, however, this was the fifth consecutive
year the IMC has sponsored students under its
flagship Toyota Goth Education Program (T-GEP), run
in tandem with The Citizens Foundation, functioning
under the Neighboring Community Uplift Program.
This year a group of 10 students, 7 of them girls, were
part of the program.

Annual Report 2025 235

 MOBILITY
for All 98
LIVES WALKING
TOWARD HOPE AND
INDEPENDENCE

The IMC slogan “Mobility for All” reflects its commitment to corporate social responsibility by emphasizing
inclusive and sustainable transportation solutions. Through this initiative, IMC aims to ensure that mobility
is accessible, safe, and efficient for everyone, including underserved communities. By integrating social
and environmental considerations into its business practices, the company demonstrates a dedication
to reducing barriers to transportation, promoting equity, and supporting community well-being, while
also contributing to broader sustainability goals.

From Limitations to New Beginnings

In Pakistan, over 20 million people live with disabilities, yet nearly

7 million are confined to their homes, unable to access even
the most basic support. For children with physical disabilities,
especially those from impoverished backgrounds, the lack of
prosthetic assistance often denies them the simple dignity of
mobility, the chance to attend school, or the opportunity to
participate fully in society.

Recognizing this urgent need, IMC partnered with the Healthcare

and Social Welfare Association (HASWA) to bring hope and
independence to those who need it most. Over the course of a
year, 98 individuals from Gilgit-Baltistan, KPK, Punjab, and Sindh
received life-changing prosthetic limbs. For these beneficiaries,
every step forward is more than movement, it is a step toward
freedom, education, empowerment, and the ability to contribute
meaningfully to their communities. This initiative not only restores
mobility but rekindles dreams and transforms lives, giving the
physically disabled a fair chance to thrive.

Driving Inclusion, Empowering Lives

IMC, through its Mobility for All initiative

under Concern Beyond Cars, is proud
to support people with disabilities
(PWD). This year, we partnered with the
Disability Welfare Association (DWA), a
government-recognized organization
empowering PWD through events,
sports, and advocacy.

As part of this collaboration, IMC provided

10 wheelchairs to DWA, reinforcing our
commitment to inclusive mobility and
social empowerment because every
journey should be accessible to all.

236
 Volunteering HOURS
2,000
HOURS OF HANDS
AND HEART

Today, customers increasingly prefer to engage with organizations that demonstrate social responsibility.
Similarly, employees, especially younger talent, are drawn to companies that actively promote diversity,
equity, and inclusion (DEI). For volunteer programs to truly resonate, they must offer meaningful
experiences that inspire participation and foster a sense of purpose.

With this vision, IMC has developed a structured volunteering platform designed to create impactful
and engaging opportunities. The primary objectives of the program are:

l
Raise awareness of IMC’s social contribution l
Enhance transparency and communication
initiatives across the organization. around IMC’s social impact efforts.
l
Inspire employees to give back to communities l
Strengthen IMC’s brand image as a responsible
by providing accessible and impactful and socially committed corporate entity.
engagement opportunities.
l
Foster meaningful employee participation that
creates a sense of purpose and connection.

During the year, employees at

all levels, both management
and non-management, actively
took part in IMC’s social
initiatives. To support this, IMC
has partnered with various
NGOs, providing employees
with meaningful opportunities
to volunteer their time and
contribute to the Company’s
community-focused programs.

Annual Report 2025 237

 CONCERN FOR
Climate
IMC is deeply committed to protecting the environment and promoting sustainable practices across all
its operations. From reducing emissions and conserving energy to implementing waste management
and green initiatives, IMC actively strives to minimize its environmental footprint. Through awareness
campaigns, eco-friendly policies, and responsible resource management, the company fosters a culture
of environmental stewardship, reflecting its belief that a healthier planet is essential for the well-being
of communities and future generations.

TREE PLANTATION 920,000

DRIVE, INFINITE IMPACT TREES, COUNTLESS
BENEFITS
Since the inception of its Million Tree Plantation Drive, IMC
has been steadfast in its commitment to environmental
sustainability. This year alone, IMC has planted an
additional 100,000 saplings, bringing the total to 920,000.
These saplings include native species such as Neem,
Jamun, Amrood, Kaner, Ulta ashoke, Gulmohar, Parsi
Pepal, Bottle Brush and Termilia, strategically planted
across various locations in Karachi, including Orangi Town,
Nazimabad, DHA, Malir, Gulistan-e-Johar, University
Road, Korangi and the Clifton Urban Forest. This initiative
not only contributes to combating climate change but
also enhances the city’s green cover, providing cleaner air
and a healthier environment for its residents.

6,000 RESTORING COASTLINES,

MANGROVES, ONE
GREENER COAST
SECURING THE FUTURE
In alignment with the Toyota Environmental Challenge 2050 and
the Sustainable Development Goals (SDGs), Indus Motor Company
(IMC), in collaboration with WWF-Pakistan, conducted a mangrove
plantation drive along Karachi’s coastal belt at the WWF Wetlands
Centre. The initiative highlighted the critical role mangroves play
in coastal protection, carbon sequestration, and biodiversity
conservation, while IMC employees actively volunteered in
planting saplings to help restore Pakistan’s threatened mangrove
forests. This effort is part of IMC’s broader green initiatives, with an
additional 6,000 mangrove saplings, reinforcing IMC’s commitment
to climate action and ecosystem restoration.

238
Tree
920K
Million

Plantation

Mangrove plantation

6,000 saplings
in partnership with WWF

Annual Report 2025 239

240
Annual Report 2025 241
POWERING
YOUNG FEMALE Squash Champions
IMC, under its Concern Beyond Cars initiative, has
taken three promising young squash players —
Mahnoor Ali (13), Sehrish Ali (15), and Mehwish Ali
(17) — under its wing, following their remarkable
triumphs at the Australian Junior Open. Now
competing under the Toyota Pakistan banner,
these talented athletes are not only bringing
international glory to the country but also
reigniting hopes for Pakistan’s long-lost squash
dominance. In addition to athletic support, IMC
has pledged to sponsor their education for a year,
fostering their growth both on and off the court.
This step reflects IMC’s enduring commitment to
nurturing talent, empowering future champions,
and carrying forward its legacy of celebrating
excellence and possibility.

World
POWERING PAKISTAN’S
PUNCH TO THE
Pakistan’s boxing sensation Shahir Afridi, a four
time Asian Champion and currently ranked among
the world’s top 60, is on a mission to break into
the global top 15. With sixteen victories under
his belt, including WBA Asia, WBC Asia, and ABF
titles, his journey now takes him through upcoming
international bouts and rigorous training camps.
Standing firmly behind him is IMC, which under its
Concern Beyond Cars initiative, has supported him
since 2022 when he defeated Indian boxer Israr
Usmani to defend his Asian title and continues to
fuel his path toward even greater glory.

242
 CHAMPIONING
ABILITY Beyond Limits
Breaking barriers and redefining possibilities, young
para-taekwondo athletes Abdullah Chand (14) and
Sualeh Baloch (16) proudly carried Pakistan’s flag at
the 2025 International Para Taekwondo Tour in Japan
and Malaysia, earning accolades on the global
stage. Their journey was powered by IMC under its
Concern Beyond Cars initiative. By supporting these
exceptional athletes from the Karachi Vocational
Training Centre (KVTC), IMC reaffirms its commitment
to diversity, equity, and inclusion — ensuring that
every individual has the chance to rise and shine.

ELEVATING TOYOTA
TO THE WORLD’S
Highest Peaks
Pakistani mountaineer Wajidullah Nagari carved his
name into history by conquering Mount Everest, the
highest peak on Earth at 8,848 meters. Hailing from
the majestic valleys of Gilgit-Baltistan, Nagari carried
with him the hopes of a nation and upon reaching the
summit, he proudly raised the Toyota flag, a symbol of
resilience, courage, and the power of dreams realised.
Supported by IMC, this monumental achievement
crowns his mountaineering career, adding Everest to
his legendary list of conquests, including K2, Nanga
Parbat, Broad Peak, Gasherbrum I, and Gasherbrum II.
His victory is not just his own but a triumph for Pakistan,
a reminder that with passion and support, no summit
is unreachable.

WHERE PAKISTAN
TOUCHES THE
Sky
Mountaineer Asad Ali Memon, sponsored by IMC under
its Concern Beyond Cars initiative, continues to redefine
the limits of human endurance. A true IMC champion,
Asad has carved his place in history by setting a record on
Africa’s Kilimanjaro in just 20 hours, scaling North America’s
formidable Denali, and becoming the first climber from
Sindh to stand atop the mighty Mount Everest. His most
recent triumph came in Antarctica, where he summited the
icy heights of Mount Vinson, bringing him within just one
peak of completing the legendary Seven Summits challenge.
Asad’s journey embodies the resilience and determination of
Pakistan, while IMC’s support ensures that such dreams rise
above boundaries and inspire a nation to aim higher.

Annual Report 2025 243

 DELEGATION VISITS TO IMC
GOVERNMENT VISITORS
Chief Minister
Sindh
Visit
The Chief Minister of Sindh, Syed
Murad Ali Shah, visited Indus Motor
Company’s (IMC) manufacturing
facility at Port Qasim Authority,
Karachi on 12th August 2024,
underscoring Sindh government’s
commitment to continue fostering
large-scale industrial growth in
the province.

Governor
Sindh
Visit
On August 20th 2024, Governor
of Sindh, Mr. Kamran Tessori,
visited Indus Motor Company’s
(IMC) manufacturing facility,
where he was briefed by
the CEO, Mr. Jamali, on the
company’s recent achievements
in localization and international
expansion.

National Assembly
Standing Committee
on Industries &
Production
Visit
The National Assembly’s Standing
Committee on Industries and
Production, led by the Chairman
Syed Hafeezuddin, visited
Indus Motor Company (IMC)
on November 21, 2024, for a
comprehensive briefing on its
operations.

244
FOREIGN VISITORS

The Ambassador of Japan to Pakistan, Akamatsu San, visited

Japanese
Ambassador Visit Indus Motor Company’s (IMC) manufacturing facility on 15th
February 2025. During the visit, Akamatsu San toured the plant
and was briefed on IMC’s manufacturing capabilities, its strides
in localisation.

Zhao Junmin San, President of Toyota Tsusho Asia

President Toyota
Visit
Pacific (TTAP), Executive Officer, and Regional
Officer for the Asia Pacific Region at Toyota Tsusho
Tsusho Asia Pacific Corporation (TTC), visited Indus Motor Company’s
(IMC) manufacturing facility on 6th February 2025.

Annual Report 2025 245

EDUCATIONAL INSTITUTIONS VISITS
NED
University Visit
A group of engineering students from NED
University of Engineering and Technology
visited Indus Motor Company’s (IMC)
manufacturing facility as part of an
educational tour aimed at enhancing their
understanding of modern automotive
manufacturing processes

Habib
University Visit
Students from Habib University
visited IMC’s manufacturing facility
as part of an industrial exposure
program. The visit provided
students with a first-hand look at
real-world engineering practices.

Young CSS
Officers Visit
A delegation of CSS officers
visited Indus Motor Company’s
(IMC) manufacturing facility
as part of a knowledge-
building initiative to gain
insights into modern vehicle
manufacturing and Toyota’s
global production standards.

WAPDA
Administrative
Staff College
Visit
A delegation of trainee officers
from WAPDA visited Indus Motor
Company’s (IMC) manufacturing
facility as part of their professional
development program. The
visit aimed to equip the officers
with practical insights while
also familiarizing them with the
operations of key organizations
of national significance.

246
247
The IMC in collaboration with the National Aerospace Science and Technology Park (NASTP) and Ashrei
Tech, proudly sponsored Pakistan’s first-ever Reverse Career Expo in Karachi. As innovation is key to
everything we do at IMC, it supported this innovative event, centered on empowering Persons with
Disabilities (PwDs). It allowed candidates to showcase their skills while engaging with recruiters in
personalised booths. With the participation of 450+ companies this event marked a significant step
toward inclusive hiring practices.

Annual Report 2025 248

Additionally, the event welcomed 51 children from various partner organisations, including Deaf Reach
School, KVTC, NOWPDP, KDSP, Binae, Disabled Welfare Association, and PILC. Their presence added a
heartening dimension to the expo, showcasing the potential of young individuals with diverse abilities.
These partnerships not only emphasised the importance of early empowerment and exposure but also
reinforced the collective responsibility to create a more inclusive society.

The Reverse Career Expo emphasised Toyota’s commitment to “Mobility for All” and reflects the company’s
dedication to Diversity, Equity & Inclusion (DEI). The initiative aligned with the celebration of 35 years of
Toyota in Pakistan and this partnership is a meaningful way to give back by championing opportunity
and innovation in equal measure.

249
The Toyota Dream Car Art Contest is a global Participation Highlights:
initiative that invites children aged 15 and below l
Total Artworks Received: 25,324
to imagine and draw their very own “dream car.”
l
Total Schools Participated: 1,118
Launched in 2004 to raise awareness for EXPO
2005 AICHI, JAPAN, the contest began in Asia l
Underprivileged & Special Needs Schools
and expanded globally in 2011. Since then, Participated: 253 (30% of total)
it has become one of Toyota’s most inspiring
international programs, encouraging children to
l
Equal Opportunity: Children from all backgrounds,
envision a brighter, more creative future. including differently-abled students, were
encouraged and facilitated to participate equally.
At Toyota, our mission is to “Produce Happiness l
We are especially proud that one of the National
for All,” and we are committed to creating a society Winning Artworks was created by a differently-
where every child can dream without boundaries. abled student, highlighting the inclusive nature
of this initiative.
After a five-year hiatus—since the last contest held
in 2019—we proudly returned with the 18th Toyota Mega Award Distribution Event – June 19,
Dream Car Art Contest, receiving an overwhelming 2025
response from across Pakistan.
To celebrate the remarkable creativity and

250
imagination of the participants, we successfully l
CEO Award Winners (3 age categories)
organised a Mega Event on June 19, 2025, where l
Waku Doki Award Winners (3 categories)
giveaways and medals were distributed among
the winning children. l
Special Jury Award Winners
l
Top 9 National Winners (3 age categories)
This grand celebration was made even
more special with the presence of: These outstanding artworks have been sent to
Japan to represent Pakistan in the Global Contest.
l
Mr. Ali Asghar Jamali, CEO, Indus Motor Company
We also extend our sincere appreciation to our
l
Shinji Yanagi San, Vice Chairman, Indus Motor
esteemed jury members from the Indus Valley
Company
School of Art and Architecture and the National
l
CEOs of Toyota Dealerships nationwide College of Arts, whose dedication and expert
judgment were instrumental in selecting the most
l
Winning children accompanied by their proud
imaginative and meaningful artworks.
parents
The 18th Toyota Dream Car Art Contest stands
Awards Distributed:
as a shining example of how creativity, diversity,
Top 27 Regional Winners (North, Central, South – and inclusion can come together to inspire future
across 3 age categories) generations.

Annual Report 2025 251

 The Gallery
National Champions & World Contest Nominees

Category Under 8 years Category Under 8 years Category Under 8 years

Mom Loves Car by Honey Car by Recycling Car by
Khatija Abdul Hadi, Faisalabad Haya Noor, Mardan Salaar Hussain, Rahim Yar Khan

Category 8 to 11 years Category 8 to 11 years Category 8 to 11 years

Stress Reliever Car by Beat Drive by Shelter Car by
Khadija Akbar, Karachi Aroosh Tahir, Karachi Yahya, Mardan
18

Category 12 to 15 years Category 12 to 15 years Category 12 to 15 years

Foldable Car by Music Car by Sky Guardian Car by
Manaism Mohsin, Islamabad Aleezay Rehman, Lahore Rohan Arif, Karachi

INSPIRE | 103

252
 Other Awards

Category Under 8 years Category Under 8 years Category Under 8 years

CEO Smog Slayer by Waku Ecopurify, Restoring Balance Jury’s Bump Transform by
Award Doki Choice
Abdul Rashid, Peshawar Award to our Environment by Award Muhammad Omer, Karachi
Shanza, Karachi

DrawYour
Dream,
Drive
CEO
Category 8 to 11 years Category 8 to 11 years
the Future.
Save the Ocean by Waku Health Scanning & Disease
Award Doki
Anabia, Rawalpindi Award Alert Car by
Habban Ahmed, Peshawar

Category 12 to 15 years Waku Category 12 to 15 years Category 12 to 15 years

CEO Car of Kindness by Doki Aerospace car by Jury’s Seavac, the Car that Heals
Award Award Choice
Laleha Fatima, Lahore Bibi Huzaifa, Karachi the Sea by
Award
Rumaisa Nauman, Karachi

INSPIRE | 105

Annual Report 2025 253

 TOYOTA ROAD
SAFETY AWARENESS
PROGRAM DRIVING
CHANGE,
Saving Lives
IMC, as part of its commitment to road safety and community welfare, runs the Toyota Road Safety
Awareness Program to educate drivers, students, and the general public on safe driving practices. The
initiative focuses on promoting responsible behavior on the roads, reducing accidents, and raising
awareness about traffic rules and regulations.

Road safety is a critical concern in Pakistan, where traffic-related incidents claim thousands of lives
each year. By empowering communities with knowledge and practical guidance, IMC aims to create
safer roads, protect lives, and foster a culture of responsible driving. The program also aligns with IMC’s
broader vision of contributing to societal well-being while reinforcing Toyota’s global commitment to
safety and sustainability.

AIK PAL KI LAPARWAHI

A TALE OF UNFULFILLED DREAMS
7MILLION
MINDS AWAKENED,
COUNTLESS LIVES
Road safety has become a national crisis in Pakistan, PROTECTED
where thousands lose their lives or suffer lifelong
disabilities every year due to traffic accidents.
To address this, Toyota Pakistan launched the
“Aik Pal Ki Laparwahi” Road Safety Campaign,
urging drivers and pedestrians to recognize how a
single careless act; over-speeding, using a mobile
phone, or ignoring seatbelts can change lives
forever.
The campaign drives home powerful reminders:

“Your ignorance can leave

&
someone’s dreams
unfulfilled forever”

“Your loved ones are waiting

for you at home.”

These messages aim to create a deep emotional

connection, reminding people that road safety is
not just about rules, but about protecting lives
and futures.

Backed by Toyota’s global commitment to safety,

this initiative seeks to inspire responsible driving,
reduce accidents, and move closer to the vision of
zero traffic deaths in Pakistan.

254
Toyota Road Improvement Project (TRIP)
BEFORE
Over the past decade, NED University
and IMC have led the Toyota Road
Improvement Project (TRIP) to make
Karachi’s roads safer.

This year, the project introduced an

improvement plan for Rashid Minhas
Road, highlighted corridors needing
safer intersections and pedestrian zones,
and launched nationwide campaigns to
promote road safety. TRIP partnered with
Edhi Foundation on a Post-Trauma Care AFTER
digital application to improve emergency
response, worked with the Motorway
Police and NHA on safety audits at the
Lyari Expressway. TRIP also collaborated
with Bykea and Careem for advance
motorcycle training, helmet use, and
safer urban transport. Today, TRIP stands
as a national model for road safety and
sustainable mobility.

BEFORE AFTER

Annual Report 2025 255

Driving Awareness, Saving Lives

This year IMC expanded Road Safety Awareness Campaigns across Pakistan, reaching thousands of
people through engaging, community-focused events.

At the T-Sure Gala, Centaurus Mall Islamabad, At IBA Karachi’s Enigma festival, nearly 2,000
over 3,000 visitors participated in interactive students experienced an immersive road safety
activities such as pledge walls, selfie booths, program tailored for youth, inspiring them to
and giveaways, spreading awareness about become advocates for responsible mobility.
responsible driving and pedestrian safety.
Finally, during Toyota Family Day at PAF Museum
Through a collaboration with the Sindh Ringball Karachi, IMC reached a lively crowd of 8,000
Association at its Inter-Division Championship in employees, families, and friends, encouraging
Karachi, IMC engaged 300 athletes and teachers, collective responsibility for safer roads.
focusing on the dangers of underage driving and
reinforcing Toyota’s commitment to youth, sports, Together, these initiatives underline IMC’s mission
and safer communities. to foster a culture of road safety and protect lives
through education, engagement, and community
action.

256
 Awards
and
Accolades
257
VALUE CHAIN CDEA (GOLD)
Presented to IMC by
Toyota Motor Asia (TMA)
Award
2024
Presented to IMC by
Toyota Motor Asia (TMA)
Award
2024

PLANT TRANSPORT
INTEGRITY
The Professionals
Network (TPN) Award
2024
SAFETY 2024
The Professionals
Network (TPN)
Award

EMISSIONS
CONTROL ENVIRONMENT
EXCELLENCE
TECHNOLOGIES
The Professionals
Network (TPN) Award
2024
National Forum of
Environment & Health
(NFEH)
Award
2024

CSR
MERIT INITIATIVES
ICMA
International Certificate
2024
National Forum of
Environment & Health
(NFEH)
Award
2024

Annual Report 2025 258

RENEWABLE PUBLIC
ENERGY AND HEALTH/SAFETY
CONSERVATION INITIATIVE
1st OICCI
Climate Awards Award
2024
The Professional
Network (TPN) Award
2024

CORPORATE RESPONSIBLE
INVESTMENT
EXCELLENCE
Management
Association of
Pakistan (MAP)
Certificate
2024
National Forum of
Environment & Health
(NFEH)
Award
2024

REPORTING & ASIA QUALITY

TRANSPARENCY PERSON
The Professional
Network (TPN) Award
2024
Toyota Motor
Asia (TMA) Award
2024

EXCELLENCE
QUALITY
Toyota Motor
Asia (TMA)
Award
2024

259
 Pakistan
Auto Show
PAPs

24 20

Showcasing Pakistan’s
Automotive Future
At the Pakistan Auto Show (PAPs) held from
October 25 to 27, 2024 at Expo Centre Lahore
saw Indus Motor Company (IMC) at the forefront
of innovation and excellence as the Diamond
Sponsor of Pakistan’s prime automotive
exhibition. IMC with its elevated prominence and
eye-catching booth, proudly unveiled the striking
exploded view of the Corolla Cross Hybrid Electric
Vehicle (HEV) which is the country’s first ever
“Make in Pakistan” HEV featuring the highest level
of localised content yet.
The booth was more than just a showcase as
it served as a statement of intent. IMC used
the platform to reinforce its longstanding
commitment to local production, sustainability,
and technological innovation, reaffirming the
principles it has upheld for over 30 years.
Positioning the Corolla Cross HEV not just as a
product but as a symbol of national capability,
IMC seamlessly tied the vehicle’s launch into
a broader, forward-looking narrative. From
exporting vehicles to Oceania since August 2024,
to auto part exports to Egypt since mid-2023, and
labor exports to Japan, IMC is driving Pakistan’s
automotive sector onto the global stage.

260
Annual Report 2025 261
262
Operating

16
in the th
world’s

LARGEST
automotive manufacturing country

Toyota Enabled Contributed

$6.5 $6.3
billion
import substitution
billion
to the government
through localization exchequer, supporting
economic growth.

Invested

$735
million
in Pakistan’s operations

Annual Report 2025 263

 State
FINA

264
ANCIAL
ements
Annual Report 2025 265
STATEMENT OF COMPLIANCE WITH
LISTED COMPANIES
(CODE OF CORPORATE GOVERNANCE) REGULATIONS, 2019
For the year ended June 30, 2025

This Statement is being presented to comply with requirements of the Listed Companies (Code of Corporate
Governance) Regulations,2019 (the Regulations) for the purpose of establishing a framework of good
governance.

The Company has complied with the requirements of the Regulations in the following manner:
1. The total number of directors are ten (10) as per the following:
฀ Male: Nine (9) (including the CEO) ฀ Female: One (1)
2. At the year ended June 30, 2025, the composition of the Board of Directors (the Board) is as follows:
Category Names
Independent Directors*
Mr. Asif Qadir
Mr. Riyaz T. Chinoy
Syeda Tatheer Zehra Hamdani
Non-Executive Directors
Mr. Mohamedali R. Habib
Mr. Imran Ali Habib
Mr. Muhammad H. Habib
Mr. Giri Venkatesh
Executive Directors
Mr. Shinji Yanagi
Mr. Ali Asghar Jamali
Mr. Shigeki Furuya
The independent Directors meet the criteria of independence under the Companies Act, 2017.
*Note: In terms of regulation 6(1) of the Regulations, one third of the Company’s Board of ten members works out to 3.33. As
a general principle, since the fraction is below 0.5 (half), the fraction contained in such one third is not rounded up as one.
Furthermore, the composition of the Board is adequate, with a good mix of skilled, experienced and professional Independent
and Non-Executive Directors, that have diligently looked after the interests of the Company and are capable of robustly protecting
the interests of its minority shareholders;
3. The Directors have confirmed that none of them is serving as a Director on more than seven listed
companies, including this Company (excluding the listed subsidiaries of listed holding companies where
applicable);
4. The Company has prepared a Code of Conduct and has ensured that appropriate steps have been taken
to disseminate it throughout the Company along with its supporting policies and procedures;
5. During the year one casual vacancy occurred on the Board on February 27, 2025, that was duly filled by
the Director on the same day.
6. The Board has developed a vision/mission statement, overall corporate strategy and significant policies
of the Company. The Board has ensured that complete record of particulars of the significant policies
along with their date of approval or updating is maintained by the Company;
7. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken
by the Board / shareholders as empowered by the relevant provisions of the Companies Act, 2017 and the
Regulations;
8. The meetings of the Board were presided over by the Chairman. The Board has complied with the
requirements of the Act and the Regulations with respect to frequency, recording and circulating minutes
of the meeting of the Board;
9. The Board has a formal policy and transparent procedures for remuneration of directors in accordance
with the Act and the Regulations;
10. All ten (10) members of Board of Directors have duly obtained training under the Directors’ Training Program
or are exempted. During the year the Company has also arranged a training program for Mr. Victor Cheyi
Lin, Alternate Director to Mr. Giri Venkatesh, Head of Department namely, Mr. Usama Razaque, and a
Female Executive, Ms. Hutoxi Panthakey, under the Directors’ Training Program.

266
11. During the year, there has been no change in the position and terms and conditions of employment of the
Head of Internal Audit, Company Secretary and Chief Financial Officer (CFO);
12. The CFO and Chief Executive Officer (CEO) have duly endorsed the financial statements before approval
of the Board;
13. The Board has formed Committees comprising of members given below:
Name of Committees Names of members and Chairman Designation
Board Audit & Risk Committee
Mr. Asif Qadir Chairman
Mr. Imran Ali Habib Member
Mr. Muhammad H. Habib Member
Mr. Giri Venkatesh Member
Mr. Riyaz T. Chinoy Member
Board HR & Remuneration Committee
Syeda Tatheer Zehra Hamdani Chairperson
Mr. Mohamedali R. Habib Member
Mr. Shinji Yanagi Member
Mr. Ali Asghar Jamali Member
Mr. Riyaz T. Chinoy Member
Board Ethics Committee
Mr. Riyaz T. Chinoy Chairman
Mr. Ali Asghar Jamali Member
Syeda Tatheer Zehra Hamdani Member

14. The terms of reference of the aforesaid committees have been formed, documented and advised to the
Committees for compliance. The Audit Committee is also responsible for overseeing sustainability-related
risks and opportunities, including those related to Environmental, Social, and Governance (ESG) factors,
and ensuring that relevant strategies, priorities, and measurable targets are established to support long-
term value creation;
15. In accordance with the (Code of Corporate Governance) regulation 29 and 30, the board may constitute
a separate committee, designated as the Nomination and Risk Management Committee. The function
of Nomination and Risk Management Committee are being performed by the Board HR & Remuneration
Committee and the Board Audit & Risk Committee respectively. Therefore, separate committees have not
been formed.
16. The frequency of meetings of the committees during the year was as per the following:
l
Board Audit & Risk Committee Quarterly meetings
l
Board HR & Remuneration Committee Half-yearly meetings
l
Board Ethics Committee Annual meeting

17. The Board has set up an effective internal audit function who is considered suitably qualified and
experienced for the purpose and is conversant with the policies and procedures of the Company;
18. The statutory auditors of the Company have confirmed that they have been given a satisfactory rating
under the Quality Control Review program of the Institute of Chartered Accountants of Pakistan (ICAP) and
registered with the Audit Oversight Board of Pakistan, that they and all their partners are in compliance
with International Federation of Accountants (IFAC) guidelines on Code of Ethics as adopted by ICAP
and that they and the partners of the firm involved in the audit are not a close relative (spouse, parent,
dependent and non-dependent children) of the Chief Executive Officer, Chief Financial Officer, Head of
Internal Audit, Company Secretary or Director of the Company;
19. The statutory auditors or the persons associated with them have not been appointed to provide other
services except in accordance with the Act, these Regulations or any other regulatory requirements and
the auditors have confirmed that they have observed IFAC guidelines in this regard; and
20. We confirm that all mandatory requirements of regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the Regulations
have been complied with.

Mohamedali R. Habib
Karachi Chairman
August 28, 2025 Indus Motor Company Limited

Annual Report 2025 267

INDEPENDENT AUDITOR’S
REVIEW REPORT
To the members of Indus Motor Company Limited

Review Report on the Statement of Compliance contained in Listed Companies (Code of Corporate
Governance) Regulations, 2019

We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of Corporate
Governance) Regulations, 2019 (the Regulations) prepared by the Board of Directors of Indus Motor
Company Limited for the year ended June 30, 2025 in accordance with the requirements of regulation
36 of the Regulations.

The responsibility for compliance with the Regulations is that of the Board of Directors of the Company.
Our responsibility is to review whether the Statement of Compliance reflects the status of the Company’s
compliance with the provisions of the Regulations and report if it does not and to highlight any non-
compliance with the requirements of the Regulations. A review is limited primarily to inquiries of the
Company’s personnel and review of various documents prepared by the Company to comply with the
Regulations.

As a part of our audit of the financial statements we are required to obtain an understanding of the
accounting and internal control systems sufficient to plan the audit and develop an effective audit
approach. We are not required to consider whether the Board of Directors’ statement on internal control
covers all risks and controls or to form an opinion on the effectiveness of such internal controls, the
Company’s corporate governance procedures and risks.

The Regulations require the Company to place before the Audit Committee, and upon recommendation
of the Audit Committee, place before the Board of Directors for their review and approval, its related
party transactions. We are only required and have ensured compliance of this requirement to the extent
of the approval of the related party transactions by the Board of Directors upon recommendation of the
Audit Committee.

Based on our review, nothing has come to our attention which causes us to believe that the Statement
of Compliance does not appropriately reflect the Company’s compliance, in all material respects, with
the requirements contained in the Regulations as applicable to the Company for the year ended June
30, 2025.

A. F. Ferguson & Co.

Chartered Accountants
Karachi
Date: September 17, 2025
UDIN: CR202510611oU9jTV6r8

268
INDEPENDENT AUDITOR’S
REVIEW REPORT
TO THE MEMBERS OF INDUS MOTOR COMPANY LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the annexed financial statements of Indus Motor Company Limited (the Company),
which comprise the statement of financial position as at June 30, 2025, and the statement of profit or
loss, the statement of comprehensive income, the statement of changes in equity, the statement of cash
flows for the year then ended, and notes to the financial statements, including material accounting
policy information and other explanatory information, and we state that we have obtained all the
information and explanations which, to the best of our knowledge and belief, were necessary for the
purposes of the audit.

In our opinion and to the best of our information and according to the explanations given to us, the
statement of financial position, the statement of profit or loss, the statement of comprehensive income,
the statement of changes in equity and the statement of cash flows together with the notes forming
part thereof conform with the accounting and reporting standards as applicable in Pakistan and give
the information required by the Companies Act, 2017 (XIX of 2017), in the manner so required and
respectively give a true and fair view of the state of the Company’s affairs as at June 30, 2025 and of the
profit and other comprehensive loss, the changes in equity and its cash flows for the year then ended.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in
Pakistan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities
for the Audit of the Financial Statements section of our report. We are independent of the Company
in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants as adopted by the Institute of Chartered Accountants of Pakistan (the Code)
and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of
our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.

Annual Report 2025 269

Following are the Key audit matters:

How the matter was addressed in our

S. No. Key audit matters
audit
(i) Revenue from contracts with customers Our audit procedures, amongst others,
included the following:
(Refer notes 2.17 and 25 to the annexed
financial statements) • Assessed the design, implementation
and operating effectiveness of the key
The Company is engaged in the internal controls involved in revenue
manufacturing and sale of motor vehicles
recognition;
and related spare parts. Revenue is
recognized when performance obligation
is satisfied by transferring control of a • Understood and evaluated the
promised good to a customer. accounting policy with respect to
revenue recognition;
We considered revenue as a key audit matter,
being one of Company’s key performance • Performed testing of revenue
indicators. In addition, revenue was also transactions on a sample basis with
considered as an area of significant audit underlying documentation including
risk as part of the audit process. dispatch documents and sales invoices;

• Tested on a sample basis, specific

revenue transactions recorded before
and after the reporting date with
underlying documentation to assess
whether revenue was recognised in the
correct period;

• Performed recalculation of discounts

and commission as per the Company’s
policy on sample basis.

• Performed audit procedures to analyze

variation in the price and quantity sold
during the year; and

• Assessed the adequacy of disclosures

made by the Company in accordance
with the applicable financial reporting
framework.

270
 How the matter was addressed in our
S. No. Key audit matters
audit
(ii) Estimates involved in the provision for Our audit procedures, among others,
warranty obligations included the following:
(Refer notes 2.14, and 21 to the annexed • Obtained an understanding of the
financial statements) warranty process, evaluated the
Company’s accounting policy and
The Company normally provides warranty
assessed the design and operating
on its locally manufactured vehicles to
effectiveness of relevant internal
customers and maintains a provision in
this respect. The management carries controls;
out a semi-annual exercise to assess
the reasonableness of the provision for • Evaluated the appropriateness of the
warranty obligations carried in the financial Company’s methodology for calculating
statements. Moreover, the Company also the charge of provision for warranty
considers the impacts of any potential obligation for warranty obligation for
recalls arising from inspections carried the year and tested the basis for the
out by the Company and Toyota Motor assumptions developed and used in the
Corporation (TMC) as envisaged under the determination of the same
technical assistance agreement with TMC.
• Assessed the reasonableness of the
The management and the Board of
Directors of the Company consider warranty assumptions used in determination of
obligation as a significant estimate and the provision for warranty obligation
the provisioning methodology is regularly for warranty obligation and tested
reviewed by the Board’s Audit Committee. the validity of the data used in the
Management’s estimates consider calculations; and
historical claims experience, including the
nature, frequency, severity and average cost • Assessed the adequacy of disclosures
of claims of each vehicle line or each model made by the Company in accordance
year of the vehicle line. In ascertaining the with the applicable financial reporting
adequacy of the provision, the Board takes framework.
into account the trend of regular warranty
claims, the results of inspections and any
previous incidents of recall.
Due to the significance of the provision for
warranty obligation and related significant
estimation involved, we considered it as a
key audit matter.
Information Other than the Financial Statements and Auditor’s Report Thereon
Management is responsible for the other information. The other information comprises the information
included in the annual report but does not include the financial statements and our auditor’s report
thereon.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

Annual Report 2025 271

Responsibilities of Management and Board of Directors for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with the accounting and reporting standards as applicable in Pakistan and the requirements
of Companies Act, 2017 (XIX of 2017) and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
Board of directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with ISAs as applicable in Pakistan will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment
and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue
as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.

272
We communicate with the board of directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the board of directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the board of directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Based on our audit, we further report that in our opinion:
(a) Proper books of account have been kept by the Company as required by the Companies Act, 2017
(XIX of 2017);

(b) The statement of financial position, the statement of profit or loss, the statement of comprehensive
income, the statement of changes in equity and the statement of cash flows together with the notes
thereon have been drawn up in conformity with the Companies Act, 2017 (XIX of 2017) and are in
agreement with the books of account and returns;

(c) Investments made, expenditure incurred and guarantees extended during the year were for the
purpose of the Company’s business; and

(d) Zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted
by the Company and deposited in the Central Zakat Fund established under section 7 of that
Ordinance.
The engagement partner on the audit resulting in this independent auditor’s report is Junaid Mesia.

A. F. Ferguson & Co.

Chartered Accountants
Karachi
Date: September 17, 2025
UDIN: AR202510611Q6HjL8w3Y

Annual Report 2025 273

STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2025
Note 2025 2024
ASSETS -------(Rupees in ‘000)-------
Non-Current Assets
Property, plant and equipment 4 20,422,998 23,480,794
Intangible assets 4 77,203 66,578
Long-term loans and advances 5 72,255 85,462
Long-term deposits 6 12,273 10,020
Deferred taxation - net 7 2,951,523 2,756,998
23,536,252 26,399,852
Current Assets
Stores and spares 8 587,753 755,609
Stock-in-trade 9 21,766,847 22,825,648
Trade debts - unsecured 10 9,913,463 5,993,138
Loans and advances 11 2,625,337 2,976,680
Short-term prepayments 12 77,850 90,964
Accrued return 13 34,688 -
Other receivables 14 3,971,281 2,996,515
Short-term investments 15 116,863,133 76,540,835
Cash and bank balances 16 5,397,774 7,240,410
161,238,126 119,419,799

TOTAL ASSETS 184,774,378 145,819,651

EQUITY
Share Capital
Authorised capital
500,000,000 (2024: 500,000,000) ordinary shares of Rs 10 each 5,000,000 5,000,000

Issued, subscribed and paid-up capital 17 786,000 786,000

Reserves 18 76,166,638 66,440,443
76,952,638 67,226,443
LIABILITIES
Non-Current Liabilities
Long-term loan 19 159,929 199,912
Deferred revenue 20,785 12,902
180,714 212,814
Current Liabilities
Current portion of long-term loan 19 39,983 39,983
Current portion of deferred revenue 15,897 11,278
Unclaimed dividend 337,656 295,064
Unpaid dividend 246,910 115,429
Trade and other payables 20 58,738,325 42,273,963
Warranty obligations 21 4,750,931 5,379,972
Advances from customers and dealers 22 34,107,927 22,040,645
Taxation - net 9,403,397 8,224,060
107,641,026 78,380,394
Total Liabilities 107,821,740 78,593,208

TOTAL EQUITY AND LIABILITIES 184,774,378 145,819,651

CONTINGENCIES AND COMMITMENTS 24

The annexed notes 1 to 47 form an integral part of these financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

274
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED JUNE 30, 2025

Note 2025 2024

--------(Rupees in ‘000)--------

Revenue from contracts with customers 25 215,136,582 152,481,025

Cost of sales 26 (183,941,195) (133,098,723)
Gross profit 31,195,387 19,382,302

Distribution expenses 27 (2,263,836) (5,541,811)

Administrative expenses 28 (3,601,033) (2,643,029)
Other operating expenses 29 (243,953) (177,903)
(6,108,822) (8,362,743)
25,086,565 11,019,559
Workers’ Profit Participation Fund and Workers’ Welfare Fund 30 (2,101,774) (1,178,053)
Net profit from operations 22,984,791 9,841,506
Other income 31 14,949,419 13,656,239
37,934,210 23,497,745
Finance costs 32 (263,733) (170,291)
Profit before taxation and levy 37,670,477 23,327,454
Levy 33 (181,135) (614,584)

Profit before taxation 37,489,342 22,712,870

Taxation 33 (14,479,683) (7,640,444)
Profit after taxation 23,009,659 15,072,426

---------------(Rupees)--------------
Earnings per share - basic and diluted 34 292.74 191.76

The annexed notes 1 to 47 form an integral part of these financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

Annual Report 2025 275

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED JUNE 30, 2025

2025 2024
Note ------(Rupees in ‘000)------

Profit after taxation 23,009,659 15,072,426

Other comprehensive loss:

Items that will not be reclassified to profit or loss

Remeasurement loss on net defined benefit plan 23.4 (105) (1,434)

Related deferred tax thereon 41 559

Total other comprehensive loss - net of tax (64) (875)

Total comprehensive income for the year 23,009,595 15,071,551

The annexed notes 1 to 47 form an integral part of these financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

276
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2025
Note 2025 2024
-----(Rupees in ‘000)-------
CASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations 35 57,491,429 49,527,630

Net decrease / (increase) in long-term loans and advances 10,954 (9,002)
Compensation paid on advances received from customers (70,822) (1,976,166)
Increase in deferred revenue 7,883 10,402
Payment to Workers’ Profit Participation Fund 14.4 (2,050,003) (1,546,247)
Payment to Workers’ Welfare Fund (466,549) (334,983)
Interest paid on long-term loan (9,467) (9,085)
Income tax and levy paid during the year (13,676,004) (8,573,695)
Net cash generated from operating activities 41,237,421 37,088,854

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment and intangible assets (3,284,288) (5,040,461)
Proceeds from disposal of property, plant and equipment 342,816 185,589
Interest received on bank deposits and Term Deposit Receipts 220,538 1,574,263
Interest received on Pakistan Investment Bonds - 848,202
Proceeds from sale / maturity of Pakistan Investment Bonds - net 1,002,616 10,424,135
Proceeds from sale of / (investment in) listed mutual fund units - net 3,171,629 (30,151,454)
Dividend income received from listed mutual fund units 723,033 4,052,016
Interest received on Market Treasury Bills 372,018 88,760
Investment in Market Treasury Bills - net (24,908,750) (18,558,966)
Net cash used in investing activities (22,360,388) (36,577,916)

CASH FLOWS FROM FINANCING ACTIVITIES

Long-term loan repaid during the year (39,983) (39,983)

Dividend paid (13,109,327) (11,169,936)
Net cash used in financing activities (13,149,310) (11,209,919)

Net increase / (decrease) in cash and cash equivalents 5,727,723 (10,698,981)

Cash and cash equivalents at beginning of the year 14,107,143 24,806,124
Cash and cash equivalents at end of the year 36 19,834,866 14,107,143

The annexed notes 1 to 47 form an integral part of these financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

Annual Report 2025 277

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED JUNE 30, 2025

Share Capital Reserves

Issued, Capital Revenue Total
subscribed Share General Unappro- Sub-Total
and paid-up premium reserve priated profit
--------------------------------- (Rupees in ‘000) ----------------------------------
Balance at July 1, 2023 786,000 196,500 51,951,050 7,136,362 59,283,912 60,069,912
Transfer to general reserve for the year ended
June 30, 2023 appropriated subsequent to year end - - 4,000,000 (4,000,000) - -
Transactions with owners
Final cash dividend @ 290% for the year ended
June 30, 2023 (Rs 29 per ordinary share) - - - (2,279,400) (2,279,400) (2,279,400)
1st Interim dividend @ 245% for the year ended
June 30, 2024 (Rs 24.5 per ordinary share) - - - (1,925,700) (1,925,700) (1,925,700)
2nd Interim dividend @ 132% for the year ended
June 30, 2024 (Rs 13.2 per ordinary share) - - - (1,037,520) (1,037,520) (1,037,520)
3rd Interim dividend @ 340% for the year ended
June 30, 2024 (Rs 34 per ordinary share) - - - (2,672,400) (2,672,400) (2,672,400)
Total transactions with owners - - - (7,915,020) (7,915,020) (7,915,020)
Profit after taxation for the year - - - 15,072,426 15,072,426 15,072,426
Other comprehensive loss for the year - - - (875) (875) (875)
Total comprehensive income for the year
ended June 30, 2024 - - - 15,071,551 15,071,551 15,071,551
Balance at June 30, 2024 786,000 196,500 55,951,050 10,292,893 66,440,443 67,226,443
Transfer to general reserve for the year ended
June 30, 2024 appropriated subsequent to year end - - 6,500,000 (6,500,000) - -
Transactions with owners
Final cash dividend @ 430% for the year ended
June 30, 2024 (Rs 43 per ordinary share) - - - (3,379,800) (3,379,800) (3,379,800)
1st Interim dividend @ 390% for the year ended
June 30, 2025 (Rs 39 per ordinary share) - - - (3,065,400) (3,065,400) (3,065,400)
2nd Interim dividend @ 370% for the year ended
June 30, 2025 (Rs 37 per ordinary share) - - - (2,908,200) (2,908,200) (2,908,200)
3rd Interim dividend @ 500% for the year ended
June 30, 2025 (Rs 50 per ordinary share) - - - (3,930,000) (3,930,000) (3,930,000)
Total transactions with owners - - - (13,283,400) (13,283,400) (13,283,400)
Profit after taxation for the year - - - 23,009,659 23,009,659 23,009,659
Other comprehensive loss for the year - - - (64) (64) (64)
Total comprehensive income for the year
ended June 30, 2025 - - - 23,009,595 23,009,595 23,009,595
Balance at June 30, 2025 786,000 196,500 62,451,050 13,519,088 76,166,638 76,952,638
Proposed final dividend and transfer between reserves made subsequent to the year ended June 30, 2025 are disclosed in note 45 to these
financial statements.

The annexed notes 1 to 47 form an integral part of these financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

278
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
1. THE COMPANY AND ITS OPERATIONS

Indus Motor Company Limited (the Company) was incorporated in Pakistan as a public company limited by shares
in December 1989 under the repealed Companies Ordinance, 1984 (now, the Companies Act, 2017) and started
commercial production in May 1993. The shares of the Company are quoted on the Pakistan Stock Exchange.

The Company was formed in accordance with the terms of a Joint Venture agreement concluded amongst
certain House of Habib companies, Toyota Motor Corporation and Toyota Tsusho Corporation for the purposes
of assembling, progressive manufacturing and marketing of Toyota vehicles. The Company also acts as the sole
distributor of Toyota and Daihatsu vehicles in Pakistan and has a license for assembling, progressive manufacturing
and marketing of Toyota vehicles in Pakistan.

The registered office and factory of the Company is situated at Plot No. NWZ/1/P-1, Port Qasim Industrial Estate,
Bin Qasim, Karachi.

2. MATERIAL ACCOUNTING POLICY INFORMATION

The principal accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the years presented.

2.1 Basis of preparation

These financial statements have been prepared under the historical cost convention except as otherwise
disclosed in respective accounting policy notes.

2.2 Statement of compliance

These financial statements have been prepared in accordance with the accounting and reporting standards as
applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:

- International Financial Reporting Standards (IFRS Accounting Standards) issued by the International
Accounting Standards Board (IASB) as notified under the Companies Act, 2017 (the Act); and

- Provisions of and directives issued under the Act.

Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS Accounting
Standards, the provisions of and directives issued under the Act have been followed.

2.2.1 Change in accounting standards, interpretations and amendments to published accounting and reporting
standards

2.2.2 Amendments to published accounting and reporting standards which became effective during the year:

There were certain amendments that became applicable for the Company during the year but are not considered
to be relevant or did not have any significant effect on the Company’s operations and have, therefore, not been
disclosed in these financial statements except for the following:

Disclosure detailing shariah and conventional elements

An amendment to the Fourth schedule to the Companies Act, 2017 has been made with respect to shariah and
conventional elements due to which note 42 has been added to these financial statements.

2.2.3 New standards and amendments to published accounting and reporting standards that are not yet effective
and not early adopted by the Company

There are certain new and amended standards to existing accounting and reporting standards that are not yet
effective and have not been early adopted by the Company for the financial year beginning on July 1, 2025. The
standards and amendments are not expected to have any material impact on the Company’s financial reporting
and, therefore, have not been disclosed in these financial statements, except as follows:

There are certain new standards and amendments that will be applicable to the Company for its annual periods
beginning on or after July 1, 2025. The new standards include IFRS 18 Presentation and Disclosure in Financial
Statements and IFRS 19 Subsidiaries without Public Accountability: Disclosures both with applicability date of
July 1, 2027 as per IASB. These standards will become part of the Company’s financial reporting framework upon

Annual Report 2025 279

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
adoption by the SECP. The overall amendments include those made to IFRS 7 and IFRS 9 which clarify the date of
recognition and derecognition of a financial asset or financial liability which are applicable effective July 1, 2026.
The Company’s management at present is in the process of assessing the full impacts of these new standards
and the amendments to IFRS 7 and IFRS 9 and is expecting to complete the assessment in due course.

2.3 Property, plant and equipment

2.3.1 Property, plant and equipment - Owned

These are stated at historical cost less accumulated depreciation and accumulated impairment losses, if any,
except capital work-in-progress which is stated at cost less accumulated impairment losses, if any.

Assets having cost exceeding the minimum threshold as determined by the management are capitalised. All
other costs are charged to the statement of profit or loss in the year in which such costs are incurred.

Subsequent costs are included in the asset’s carrying amounts or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and the
cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised.

All repairs and maintenance are charged to the statement of profit or loss during the financial period in which
such costs are incurred. Major renewals and improvements, if any, are capitalised in accordance with IAS 16
‘Property, Plant and Equipment’ and depreciated in a manner that best represents the consumption pattern.

Disposal of assets is recognised when significant risk and rewards incidental to ownership have been transferred
to buyer. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the statement of profit or loss.

Depreciation is charged to the statement of profit or loss applying the straight line method, whereby the
depreciable amount of an asset is written off over its estimated useful life. The cost of leasehold land is depreciated
equally over the lease period. Depreciation is charged on additions from the month the asset is available for use
and on disposals up to the month preceding the month of disposal. The rates of depreciation are stated in note
4.2 to these financial statements.

[Link] Capital work-in-progress

All expenditures connected with specific assets incurred during installation and construction period are carried
under capital work-in-progress. These are transferred to relevant operating assets category as and when assets
are available for use.

2.3.2 Intangible assets - Computer Software

Computer software licenses acquired by the Company are stated at cost less accumulated amortisation. Software’s
costs are only capitalised when it is probable that future economic benefits attributable to the softwares will
flow to the Company and the amortisation is charged to the statement of profit or loss applying the straight
line method at the rates stated in note 4.2 to these financial statements. None of the intangible assets of the
Company are internally generated.

2.4 Impairment of non-financial assets

The Company assesses at each reporting date whether there is any indication that all non-financial assets may
be impaired. If any such indication exists, the carrying amounts of such assets are reviewed to assess whether
they are recorded in excess of their recoverable amounts and where the carrying values exceed the estimated
recoverable amount, the assets or cash-generating units are written down to their recoverable amounts and the
differences are recognised in the statement of profit or loss.

2.5 Stores and spares

Stores and spares, except in transit, are valued at lower of cost and net realisable value which are determined
on a moving average basis. Ageing and value of items of stores and spares are reviewed at each reporting date
to record provision for any slow moving, damaged and obsolete items. Provision made for any slow moving,
damaged and obsolete items is charged to statement of profit or loss. Items in transit are valued at cost comprising
invoice values plus other charges incurred thereon.

Net realisable value signifies the estimated selling price in the ordinary course of business less estimated cost of

280
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
completion and the estimated costs necessary to be incurred for its sale.

2.6 Stock-in-trade

Stock-in-trade, except in transit, are valued at the lower of cost and net realisable value. Stock in transit are
valued at cost as accumulated upto the reporting date, comprising invoice values plus other charges incurred
thereon.

Cost of raw materials, own manufactured vehicles and trading stock is determined on a moving average basis.
Cost of work-in-process is valued at material cost.

Provision for obsolete and slow moving stock-in-trade is determined based on the management’s assessment
regarding their future usability.

Net realisable value signifies the estimated selling price in the ordinary course of business less estimated cost of
completion and the estimated costs necessary to be incurred for its sale.

2.7 Financial Instruments

2.7.1 Financial assets

a) Amortised cost

A financial asset is measured at amortised cost if both of the following conditions are met:

i) the financial asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows; and

ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.

b) Fair value through other comprehensive income

A financial asset is measured at fair value through other comprehensive income if both of the following conditions
are met:

i) the financial asset is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets; and

ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.

c) Fair value through profit or loss

A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair
value through other comprehensive income.

All financial assets are recognised at the time when the Company becomes a party to the contractual provisions
of the instrument. Financial assets at amortised cost are initially recognised at fair value plus transaction costs
and are subsequently measured at amortised cost using the effective interest method. The amortised cost is
reduced by impairment losses, if any. Interest income and impairment losses are recognised in the statement of
profit or loss. Financial assets carried at FVOCI are initially recognised at fair value plus transaction costs and are
subsequently measured at fair value, with gains and losses arising from changes in fair value recognised in other
comprehensive income. Financial assets carried at FVPL are initially recognised at fair value and transaction costs
are expensed in the statement of profit or loss. Realised and unrealised gains and losses arising from changes in
the fair value of the financial assets held at FVPL are included in the statement of profit or loss and in the period
in which they arise.

Derecognition

Financial assets are derecognised when the rights to receive cash flows from the assets have expired or have
been transferred and the Company has transferred substantially all the risks and rewards of ownership. On
derecognition of a financial asset, in its entirety, the difference between the asset’s carrying amount and the sum
of the consideration received and receivable is recognised in the statement of profit or loss.

Annual Report 2025 281

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
[Link] Impairment of financial assets

The Company assesses on a forward looking basis the expected credit losses (ECL) associated with its
financial assets carried at amortised cost and fair value through other comprehensive income. The impairment
methodology applied depends on whether there has been a significant increase in credit risk. The Company
applies the simplified approach to recognise lifetime expected credit losses for trade debts while general 3-stage
approach for long term loans, deposits, other receivables, bank balances, etc. i.e. to measure ECL through loss
allowance at an amount equal to 12-month ECL if credit risk on a financial instrument or a group of financial
instruments has not increased significantly since initial recognition. The Company considers a financial asset in
default when contractual payments are 55 days past due for parts sold and T-Sure services provided to dealers
and 145 to 190 days past due for parts and vehicles sold to government organisations and it is subsequently
written off when there is no reasonable expectation of recovering the contractual cash flows. The definition is
based on the Company’s internal credit risk management policy.

The expected loss rates are based on the payment profiles of sales over a period of 36 months before June 30, 2025
respectively and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of
the customers to settle the receivables. The Company has identified the GDP, CPI and the unemployment rate of
the countries in which it sells its goods to be the most relevant factors, and accordingly adjusts the historical loss
rates based on expected changes in these factors.

2.7.2 Financial Liabilities

All financial liabilities are recognised at the time when the Company becomes a party to the contractual provisions
of the instrument. Financial liabilities at amortised cost are initially measured at fair value minus transaction costs.
Financial liabilities at fair value through profit or loss are initially recognised at fair value and transaction costs are
expensed in the statement of profit or loss.

Financial liabilities, other than those at fair value through profit or loss, are subsequently measured at amortised
cost using the effective yield method.

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired.
Where an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange and modification is treated as
a derecognition of the original liability and the recognition of a new liability, and the difference in respective
carrying amounts is recognised in the statement of profit or loss.

2.7.3 Offsetting of financial assets and liabilities

Financial assets and liabilities are offset and the net amount is reported in the statement of financial position
when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle either
on a net basis, or realize the asset and settle the liability simultaneously.

2.8 Loans, advances and deposits

These are stated at cost less estimates made for any doubtful receivables based on a review of all outstanding
amounts at the reporting date. Balances considered doubtful and irrecoverable are written off when identified.
The assessment of impairment of these financial assets is described in note [Link].

2.9 Trade debts and other receivables

Trade debts and other receivables are recognised initially at the amount of consideration that is unconditional,
unless they contain significant financing component in which case such are recognised at fair value. The Company
holds the trade debts with the objective of collecting the contractual cash flows and therefore measures the trade
debts subsequently at amortised cost using the effective interest method. Impairment of trade debts and other
receivables is described in note [Link].

2.10 Taxation - Levy and Income tax

2.10.1 Levy

In accordance with the Income Tax Ordinance, 2001, computation of final taxes is not based on taxable income.
Therefore, as per IAS 12 Application Guidance on Accounting for Minimum Taxes and Final Taxes issued by the
ICAP, these fall within the scope of IFRIC 21 / IAS 37 and accordingly have been classified as levy in these financial

282
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
statements. Any excess over the amount designated as levy is then recognised as current tax expense falling
under the scope of IAS 12.

2.10.2 Income Tax

The tax expense for the year comprises of current and deferred tax. Tax is recognised in the statement of profit or
loss, except to the extent that it relates to items recognised in OCI or directly in equity. In which case, the tax is
also recognised in OCI or directly in equity.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept
an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or
the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

- Current

Provision for current taxation is based on the taxable income for the year calculated on the basis of the tax laws
enacted or substantively enacted at the reporting date and any adjustment to tax payable in respect of
previous years.

Current tax assets and tax liabilities are offset where the Company has the legally enforceable right to offset
and intends either to settle on net basis or to realise the asset and settle the liability simultaneously.

- Deferred

Deferred tax is recognised using the balance sheet liability method, providing for all temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used
for taxation purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply to the period when the asset is realized or the liability is settled, based on the tax rates (and tax laws) that
have been enacted or substantively enacted at reporting date.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date
and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and where the deferred tax balances relate to the same taxation authority.

2.11 Cash and cash equivalents

Cash and cash equivalents are carried at cost. Cash and cash equivalents in the statement of cash flows include
cash in hand and in transit, cheques in hand, balances with banks on current, deposit and savings accounts,
other short-term highly liquid investments with original maturities of three months or less.

2.12 Trade and other payables

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method.

These are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle
of the business if longer). If not, they are presented as non-current liability.

Exchange gains and losses arising in respect of liabilities in foreign currencies are added to the carrying amount
of the respective liabilities.

2.13 Provisions

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate of the amount can be made. Provisions are reviewed at each reporting date
and adjusted to reflect the current best estimate.

Annual Report 2025 283

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
2.14 Warranty obligations

The Company recognises the estimated liability, on an accrual basis, to repair or replace products at the reporting
date, and recognises the estimated product warranty costs in the statement of profit or loss when the sale is
recognised. A best estimate is recognised based on the amount required to be paid / settled to cover the potential
warranty claims on the basis of historical experience and ongoing assessment / evaluation of the performance
of the Company’s products. The Company continuously carries out various assessments / stress testing of the
performance of its products.

2.15 Staff retirement benefits

- Short-term obligation

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly
within twelve months after the end of the period in which the employees render the related service are
recognised in respect of employees’ services up to the end of the reporting period and are measured at the
amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee
benefit obligations in the statement of financial position.

The Company operates a recognised provident fund for its permanent employees. Equal monthly contributions
are made to the Fund by the Company and the employees in accordance with the rules of the Fund. The
Company has no further payment obligation once the contributions have been paid. The contributions made
by the Company are recognised as an employee benefit expense when they are due.

- Defined benefit / contribution plan - Pension Fund

The Company also operates an approved funded pension scheme for its permanent employees.

The employee pension is governed by two sets of Rules, ‘New Rules’ - Defined contribution plan and ‘Old
Rules’ - Defined benefit plan. The New Rules are applicable to all members of the Fund with effect from July
1, 2008. However, the Old Rules continue to apply to all persons whose employment with the Company ceased
before July 1, 2008 and who are entitled to pension from the Fund. In addition, the Old Rules also apply to
existing employees who have not opted to be governed by the New Rules.

In accordance with the New Rules an actuarial balance was determined by the actuary as at June 30, 2008
in respect of all members of the Fund who were in the service of the Company as of that date and opted to
be governed by the New Rules which was credited to the members’ individual accounts. With effect from July
2008, the Company is required to make a fixed monthly contribution to the Fund based on the basic salary
of the employees which is credited into the individual account of each member. The Company has no
further payment obligation once these monthly contributions have been paid to the Fund. Profit earned on the
investments maintained by the Fund is also allocated into the individual account of each member.

The pension liability recognised in the statement of financial position in respect of members governed by the
Old Rules is the present value of the defined benefit obligation at the statement of financial position date
less the fair value of plan assets attributed to these members. Contributions are made to cover the pension
obligations in respect of the members governed by the Old Rules on the basis of actuarial
recommendations.

The amount arising as a result of remeasurement is recognised in the statement of financial position
immediately, with a charge or credit to other comprehensive income in the period in which they occur.

The Projected Unit Credit Method is used for the valuation of pension liability in respect of members governed
by the Old Rules as at June 30, 2025, using significant assumptions as stated in note 23.

2.16 Dividend distribution and transfer between reserves

Dividend declared and appropriations to reserves made subsequent to the reporting date are considered non-
adjusting events and are recognised in the financial statements in the year in which they are approved.

2.17 Revenue from contracts with customers and other income

Revenue is recognised when (or as) the Company satisfies a performance obligation by transferring a promised
good or service to a customer, and control either transfers over time or at a point of time. An asset is transferred
when (or as) the customer obtains control of that asset and thus has the ability to direct the use and obtain the
benefits from the good or service.

284
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

In case of vehicles and spare parts, revenue is recognised when goods are dispatched and invoiced to the
customers. Revenue is measured at the transaction price agreed under the contract, adjusted for variable
consideration such as discount, if any. In most cases, the consideration is received before the goods are
dispatched / invoiced. Deferred payment terms as disclosed in note 10.3 are also agreed in case of sales to
certain categories of customers. Transaction price is adjusted for time value of money (where repayment
terms exceed twelve months) in case of significant financing component. The Company applies practical
expedient where deferred payments terms are within twelve months and does not adjust the transaction price.

Amount received on account of sale of extended warranty is recognised initially as deferred revenue and is
credited to the statement of profit or loss in the relevant period covered by the warranty.

Return on bank deposits, term deposit receipts are accounted for on an accrual basis.

Agency commission is recognised when shipments are made by the principal.

Unrealised gains / losses arising on re-measurement of investments classified as ‘financial assets at fair value
through profit or loss’ are included in the statement of profit or loss in the period in which these arise.

Income on Pakistan Investment Bonds and Market Treasury Bills is accrued using the effective interest rate
method.

2.18 Foreign currency transactions and translation

Foreign currency transactions are recognised or accounted for in Pakistani Rupees using the exchange rate
prevailing on the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into
Pakistani Rupees at the rates of exchange prevailing at the statement of financial position’s date. Exchange gain
/ loss on foreign currency translations are recognised in statement of profit or loss along with any related hedge
effects.

2.19 Functional and presentation currency

Items included in the financial statements are measured using the currency of the primary economic environment
in which the Company operates. The financial statements are presented in Pakistani Rupees, which is the
Company’s functional and presentation currency.

2.20 Segment reporting

The Company uses ‘management approach’ for segment reporting, under which segment information is required
to be presented on the same basis as that used for internal reporting purposes. Operating segments have been
determined and presented in a manner consistent with the internal reporting provided to the chief operating
decision-maker (CODM).

2.21 Deferred revenue

Amount received on account of sale of extended warranty services against vehicles is recognised initially as
deferred revenue and credited to the statement of profit or loss in the relevant period covered by the warranty.

2.22 Contract asset and contract liability

A contract asset is recognised for the Company’s right to consideration in exchange for goods or services that it
has transferred to a customer. If the Company performs by transferring goods or services to a customer before
the customer pays consideration or before payment is due, the Company presents the amount as a contract
asset, excluding any amounts presented as a receivable.

A contract liability is recognised for the Company’s obligation to transfer goods or services to a customer for
which the Company has received consideration (or an amount of consideration is due) from the customer. If a
customer pays consideration, or the Company has a right to an amount of consideration that is unconditional
(i.e. a receivable), before the Company transfers a good or service to the customer, the entity shall present the
contract as a contract liability when the payment is made or the payment is due (whichever is earlier).

Annual Report 2025 285

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

2.23 Contingent liabilities

Contingent liability is disclosed when:

- there is a possible obligation that arises from past events and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Company; or

- there is present obligation that arises from past events but it is not probable that an outflow of resources
embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot
be measured with sufficient reliability.

The Company has not disclosed the financial impacts of the above case as based on the advice of the legal
counsel, management believes that this is expected to prejudice seriously the position of the Company and
submissions made by the Company in this matter which is being contested by almost the entire automobile
sector.

3 Significant Accounting Judgements Estimates and Assumptions

The preparation of these financial statements in conformity with the accounting and reporting standards as
applicable in Pakistan requires the use of certain significant accounting estimates. It also requires management to
exercise its judgement in the process of applying the Company’s accounting policies. Estimates and judgements
are continually evaluated and are based on historical experience, and other factors, including expectation of
future events that are believed to be reasonable under the circumstances. Revision to accounting estimates are
recognised in the period in which estimate is revised and in any future periods affected. In the process of applying
the Company’s accounting policies, the management has made the following estimates and judgements which
are significant to these financial statements:

i) Useful lives and method of depreciation of property, plant and equipment and intangibles
(notes 2.3.1, 2.3.2 and 4)

The Company reviews the useful lives and method of depreciation of fixed assets on a regular basis. Any change
in estimates in future years might affect the carrying amounts of respective items of operating fixed assets with a
corresponding effect on the depreciation charge and impairment.

ii) Provision for slow moving stores and spares (notes 2.5 and 8)

The Company exercises judgement and makes provision for slow moving stores and spares based on their future
usability.

iii) Provision for slow moving stock-in-trade (notes 2.6 and 9)

The Company exercises judgement and makes provision for slow moving stock-in-trade based on their future
usability and recoverable value.

iv) Allowance for expected credit loss (note [Link])

The Company reviews the recoverability of its trade debts and other receivables to assess the amount required for
allowance for expected credit loss.

v) Investments at fair value through profit or loss / other comprehensive income (notes 2.7 and 15)

The Company determines fair value of certain investments by using quotations from active market and conditions
and information about the financial instruments. These estimates are subjective in nature and involve some
uncertainties and matters of judgement.

286
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
vi) Current and deferred income taxes (notes 2.10, 7 and 33)

In making the estimates for income taxes payable by the Company, management considers current income tax
law and the decisions of appellate authorities on certain cases issued in the past. Where the final tax outcome
is different from the amounts that were initially recorded, such differences will impact the income tax provision
in the period in which such final outcome is determined. Deferred taxes are measured at the tax rates that are
expected to apply to the period when the asset is realised or the liability is settled, based on the tax rates (and tax
laws) that have been enacted or substantively enacted at the reporting date.

vii) Warranty obligations (notes 2.14 and 21)

The Company exercises professional judgement, based on the history of warranty claims entertained, number
of cars eligible for warranty and its internal risk assessment while making assessment in respect of the warranty
obligations.

viii) Staff retirement benefits (notes 2.15)

The present value of these obligations depends on a number of factors that are determined on actuarial
basis using a number of assumptions. Changes in the assumptions will impact the carrying amount of these
obligations. The present values of these obligations and the underlying assumptions are disclosed in note 23 to
these financial statements.

ix) Contingencies and commitments (note 24)

The assessment of the contingencies inherently involves the exercise of significant judgement as the outcome
of the future events cannot be predicted with certainty. The Company, based on the availability of the latest
information, estimates the value of contingent assets and liabilities which may differ on the occurrence / non
occurrence of the uncertain future events.

2025 2024
Note ------(Rupees in ‘000)------
4 PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS

Property, plant and equipment 4.1 20,422,998 23,480,794

Intangible assets 4.2 77,203 66,578
20,500,201 23,547,372

4.1 Property, plant and equipment

Tangible operating assets 4.2 18,054,530 22,034,891

Capital work-in-progress 4.6 2,368,468 1,445,903
20,422,998 23,480,794

Annual Report 2025 287

 4.2 The following is a statement of tangible operating assets and intangible assets:

288
------------------------------------------------------------------------- 2025-------------------------------------------------------------------------
Intangible
Tangible assets
assets
Factory Other Total tangible
Computers Jigs, moulds assets
Leasehold building on buildings on Plant and Motor Furniture Office Tools and Computer
and related and related
land leasehold leasehold machinery vehicles and fixtures equipments equipments softwares
accessories machineries
land land
------------------------------------------------------------------- (Rupees in ‘000) -------------------------------------------------------------------

At July 1, 2024
Cost 215,679 5,488,798 963,065 27,606,502 1,453,649 535,938 318,226 388,997 1,457,973 16,519,791 54,948,618 355,944
Accumulated depreciation /
amortisation (70,577) (2,711,438) (526,865) (17,013,135) (627,288) (352,761) (251,071) (305,159) (994,143) (10,061,290) (32,913,727) (289,366)
Net book value 145,102 2,777,360 436,200 10,593,367 826,361 183,177 67,155 83,838 463,830 6,458,501 22,034,891 66,578

Year ended June 30, 2025

Opening net book value 145,102 2,777,360 436,200 10,593,367 826,361 183,177 67,155 83,838 463,830 6,458,501 22,034,891 66,578
Additions
Direct - - - 9,539 501,661 39 12,079 52,709 8,521 - 584,548 -
Transfers from CWIP (note - 4.7) - 121,845 254,263 758,307 - 48,298 17,182 6,697 144,462 368,960 1,720,014 57,161
FOR THE YEAR ENDED JUNE 30, 2025

Disposals / write offs (note - 4.5)

Cost - (316,210) (43,081) (1,930,812) (286,402) (80,391) (21,890) (24,252) (64,672) (516,796) (3,284,506) (1,982)
Accumulated depreciation - 316,210 43,081 1,930,705 173,910 80,391 21,889 23,811 64,672 516,595 3,171,264 1,982
- - - (107) (112,492) - (1) (441) - (201) (113,242) -
Depreciation / amortisation
charge for the year (note - 4.4) (9,190) (598,340) (120,530) (3,085,886) (307,347) (65,465) (28,421) (41,706) (129,304) (1,785,492) (6,171,681) (46,536)

Closing net book value 135,912 2,300,865 569,933 8,275,220 908,183 166,049 67,994 101,097 487,509 5,041,768 18,054,530 77,203

At June 30, 2025

Cost 215,679 5,294,433 1,174,247 26,443,536 1,668,908 503,884 325,597 424,151 1,546,284 16,371,955 53,968,674 411,123
Accumulated depreciation /
NOTES TO AND FORMING PART

amortisation (79,767) (2,993,568) (604,314) (18,168,316) (760,725) (337,835) (257,603) (323,054) (1,058,775) (11,330,187) (35,914,144) (333,920)
Net book value 135,912 2,300,865 569,933 8,275,220 908,183 166,049 67,994 101,097 487,509 5,041,768 18,054,530 77,203
OF THE FINANCIAL STATEMENTS

Depreciation / amortisation
rate (% per annum) 2.38%-9.23% 10% 5% 10%-20% 20% 20% 20% 33.33% 20% 20%-25% 33.33%
 ------------------------------------------------------------------------- 2024-------------------------------------------------------------------------
Intangible
Tangible assets
assets
Factory Other Total tangible
Computers Jigs, moulds assets
Leasehold building on buildings on Plant and Motor Furniture Office Tools and Computer
and related and related
land leasehold leasehold machinery vehicles and fixtures equipments equipments softwares
accessories machineries
land land
------------------------------------------------------------------- (Rupees in ‘000) -------------------------------------------------------------------

At July 1, 2023
Cost 215,679 4,759,890 741,594 25,247,640 1,164,129 474,676 288,358 363,207 1,101,838 12,111,908 46,468,919 335,106
Accumulated depreciation /
amortisation (61,387) (2,318,153) (456,732) (14,540,878) (471,205) (284,871) (220,696) (278,896) (926,475) (8,143,579) (27,702,872) (212,866)
Net book value 154,292 2,441,737 284,862 10,706,762 692,924 189,805 67,662 84,311 175,363 3,968,329 18,766,047 122,240

Year ended June 30, 2024

Opening net book value 154,292 2,441,737 284,862 10,706,762 692,924 189,805 67,662 84,311 175,363 3,968,329 18,766,047 - 122,240
Additions
Direct - - - 78,120 432,671 237 2,594 38,905 3,597 - 556,124 -
Transfers from CWIP (note - 4.7) - 728,908 221,471 2,389,431 - 61,025 30,009 3,825 398,178 4,794,144 8,626,991 20,838

Disposals / write offs (note - 4.5)

Cost - - - (108,689) (143,151) - (2,735) (16,940) (45,640) (386,261) (703,416) -
Accumulated depreciation - - - 106,435 70,091 - 2,717 15,800 45,640 386,137 626,820 -
FOR THE YEAR ENDED JUNE 30, 2025

- - - (2,254) (73,060) - (18) (1,140) - (124) (76,596) -

Depreciation / amortisation
charge for the year (note - 4.4) (9,190) (393,285) (70,133) (2,578,692) (226,174) (67,890) (33,092) (42,063) (113,308) (2,303,848) (5,837,675) (76,500)

Closing net book value 145,102 2,777,360 436,200 10,593,367 826,361 183,177 67,155 83,838 463,830 6,458,501 22,034,891 66,578

At June 30, 2024

Cost 215,679 5,488,798 963,065 27,606,502 1,453,649 535,938 318,226 388,997 1,457,973 16,519,791 54,948,618 355,944
Accumulated depreciation /
amortisation (70,577) (2,711,438) (526,865) (17,013,135) (627,288) (352,761) (251,071) (305,159) (994,143) (10,061,290) (32,913,727) (289,366)
Net book value 145,102 2,777,360 436,200 10,593,367 826,361 183,177 67,155 83,838 463,830 6,458,501 22,034,891 66,578

Depreciation / amortisation
NOTES TO AND FORMING PART

rate (% per annum) 2.38%-9.23% 10% 5% 10%-20% 20% 20% 20% 33.33% 20% 20%-25% 33.33%
OF THE FINANCIAL STATEMENTS

Annual Report 2025 289

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
4.3 Leasehold land, on which the factory building, plant and warehouse are situated, is spread across an area of 109.5
acres. It is located at Plot No. NWZ/1/P-1, W2/1/1-3 & W2/9, Port Qasim Industrial Estate, Bin Qasim, Karachi.
4.4 The depreciation charge for the year has been allocated as follows:
2025 2024
Note ------(Rupees in ‘000)------
Cost of sales 26 5,843,437 5,608,278
Distribution expenses 27 146,292 124,753
Administrative expenses
28 181,952 104,644
6,171,681 5,837,675

The amortisation for the year has been charged to administrative expenses (note 28).
4.5 Particulars of tangible operating assets having aggregate net book value exceeding Rs 5 million and individually
a net book value of Rs 0.5 million or more disposed off during the year are as follows:

Net book Sale proceeds /

Accumulated
Particulars Cost value Net receivable from sale of Gain / (loss) Mode of disposal Particulars of buyer Relationship
depreciation
book value operating fixed assets
-------------------------------(Rupees in ‘000)----------------------------------
Motor vehicles
2,689 (2,689) - 3,308 3,308 Employee Buyback Zulfiqar Ahmed Employee
2,905 (1,840) 1,065 2,083 1,018 ----- do ----- Syed Areeb Ahmed Executive
3,106 (1,760) 1,346 2,348 1,002 ----- do ----- Syed Athar Hashmi Ex-Employee
3,941 (1,445) 2,496 3,247 752 ----- do ----- Ahmed Sarwar Khan Executive
2,723 (2,315) 408 3,600 3,192 ----- do ----- Syed Saqib Abbas Ex-Employee
4,912 (491) 4,420 4,637 217 ----- do ----- Muhammad Alam Ayub Executive
3,106 (1,864) 1,242 2,279 1,037 ----- do ----- Tanveer Maredia Executive
2,856 (1,428) 1,428 2,167 739 ----- do ----- Aisha Executive
7,658 (4,595) 3,063 6,495 3,431 ----- do ----- Shujauddin Ahmed Executive
5,761 (2,112) 3,648 4,866 1,217 ----- do ----- Usama Razaque Executive
5,782 (964) 4,818 5,382 563 ----- do ----- Syed Salman Ahsan Executive
3,005 (2,554) 451 2,219 1,768 ----- do ----- Muhammad Sohaib Wasif Ex-Employee
3,005 (2,554) 451 2,219 1,768 ----- do ----- Muhammad Hasan Khan Ex-Employee
3,010 (2,559) 452 2,223 1,771 ----- do ----- Syed Zia Ali Ghazi Ex-Employee
4,271 (1,851) 2,420 3,451 1,031 ----- do ----- Junaid Ahmed Farooqui Ex-Employee
2,775 (2,081) 694 1,764 1,071 ----- do ----- Irfan Yasin Ex-Employee
3,895 (2,402) 1,493 2,891 1,398 ----- do ----- Syed Sarmad Ahmed Shah Ex-Executive
3,375 (2,869) 506 2,391 1,884 ----- do ----- Mohammad Kashif Ex-Executive
4,005 (2,937) 1,068 1,268 200 ----- do ----- Asad A Abdullah Ex-Executive
3,005 (2,354) 651 1,087 436 ----- do ----- Parveen A Khan Ex-Executive
3,875 (2,906) 969 3,088 2,120 ----- do ----- Tariq Saleem Khan Ex-Executive
5,761 (2,112) 3,648 4,846 1,197 ----- do ----- Kifayatullah Khan Ex-Executive
6,837 (6,837) - 8,100 8,100 Auction Toyota Southern Motors Third Party
7,507 (6,005) 1,501 10,576 9,074 ----- do ----- Toyota Highway Motors Third Party
7,387 (5,663) 1,724 10,576 8,852 ----- do ----- Toyota Highway Motors Third Party
7,658 (5,744) 1,915 10,351 8,436 ----- do ----- Toyota Highway Motors Third Party
7,658 (5,744) 1,915 10,531 8,616 ----- do ----- Toyota Highway Motors Third Party
8,041 (5,227) 2,814 10,936 8,121 ----- do ----- Toyota Highway Motors Third Party
8,041 (5,227) 2,814 10,756 7,941 ----- do ----- Toyota Highway Motors Third Party
8,041 (5,227) 2,814 10,760 7,946 ----- do ----- Toyota Highway Motors Third Party
8,041 (5,227) 2,814 10,936 8,121 ----- do ----- Toyota Highway Motors Third Party
8,041 (5,227) 2,814 10,936 8,121 ----- do ----- Toyota Highway Motors Third Party
8,041 (5,227) 2,814 10,936 8,121 ----- do ----- Toyota Highway Motors Third Party
8,041 (5,227) 2,814 10,936 8,121 ----- do ----- Toyota Highway Motors Third Party
8,041 (5,227) 2,814 10,936 8,121 ----- do ----- Toyota Highway Motors Third Party
10,401 (6,587) 3,814 13,680 9,866 ----- do ----- Toyota Sukkur Motors Third Party
9,949 (4,643) 5,306 8,354 3,048 ----- do ----- Toyota Southern Motors Third Party
9,949 (4,643) 5,306 6,570 1,264 ----- do ----- Toyota Southern Motors Third Party
9,399 (2,350) 7,049 6,579 (470) ----- do ----- Toyota Creek Motors Third Party
5,257 (5,257) - 9,909 9,909 ----- do ----- Toyota Southern Motors Third Party
9,399 (6,579) 2,820 10,800 7,981 ----- do ----- Toyota Creek Motors Third Party
13,273 (6,857) 6,415 11,881 5,466 ----- do ----- Toyota Highway Motors Third Party
5,007 (5,007) - 7,651 7,651 ----- do ----- Toyota Highway Motors Third Party
5,007 (5,007) - 7,651 7,651 ----- do ----- Toyota Highway Motors Third Party
2,817 (1,502) 1,315 3,348 2,033 ----- do ----- Toyota Creek Motors Third Party
4,912 (737) 4,175 3,600 (575) ----- do ----- Toyota Creek Motors Third Party
12,227 (2,242) 9,985 9,676 (310) ----- do ----- Toyota Highway Motors Third Party
Others
Items having net
book value of less
than Rs 500,000 173,132 (133,787) 39,345 203,391 164,046 Various Various Various
2025 111,255 (38,109) 73,146 101,429 28,283

2024 703,416 (626,820) 76,596 185,178 108,582

290
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
2025 2024
Note ------(Rupees in ‘000)------

4.6 Capital work-in-progress

Civil works 222,043 1,079,674

Plant, machinery, jigs, moulds and related machineries 2,047,587 234,453
Computer and related accessories 98,838 131,776
2,368,468 1,445,903
4.7 Property, plant and equipment

Opening balance 1,445,903 5,609,395

Additions during the year 2,699,740 4,484,337
Transferred to tangible operating assets and intangible assets 4.2 (1,777,175) (8,647,829)
Closing balance 2,368,468 1,445,903
5 LONG-TERM LOANS AND ADVANCES

Considered good

Loans to employees - secured

- Executives 5.1 105,170 77,817
- Employees 5.1 46,461 45,389
Less: Recoverable within one year; shown 151,631 123,206
under current assets

Loans to employees - secured

- Executives 11 55,731 16,453
- Employees 11 23,645 21,291
79,376 37,744
72,255 85,462

5.1 These represent house building and personal loans granted to executives and other employees. These are
granted in accordance with the terms of their employment and are secured against their balances with the
Provident Fund. These loans are repayable over a period of 12 to 60 months. House building loans to employees
carried interest at the rate of 3.5% (2024: 3.50%) per annum till December 31, 2024. Effective January 1, 2025,
the house loans have been made interest free. Management and non-management employees are entitled to
personal loans which carry no interest as per the approved loan policy.

2025 2024
6 LONG-TERM DEPOSITS
------(Rupees in ‘000)------
Deposits
- Utilities 3,668 7,450
- Others 8,605 2,570
12,273 10,020

Annual Report 2025 291

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

2025 2024
------(Rupees in ‘000)------
7 DEFERRED TAXATION - net

Deferred tax liability arising on taxable temporary differences:

- Due to accelerated tax depreciation 331,982 (607,950)

- In respect of unrealised gain on listed mutual fund units
and Market Treasury Bills (1,108,256) (251,162)
Deferred tax asset arising on deductible temporary differences:

- In respect of provisions for slow moving stock-in-trade, stores

and spares and warranty obligation 2,267,666 2,640,476
- Others 1,460,131 975,634
Deferred tax asset - net 2,951,523 2,756,998
7.1 The deferred tax amounts shown in the table above are available for deduction as and when they are realised,
subject to having sufficient taxable profits. The Company has carried out an assessment of recoverability by
estimating future taxable profits of the Company and the expected rate applicable to those profits and determined
that the amounts are currently recoverable. However, the estimation of future taxable profits is sensitive to certain
key assumptions such as sales volume, contribution margins, fixed overheads, inflation and exchange rates etc
which have been considered in that determination.

Note 2025 2024

8 STORES AND SPARES ------(Rupees in ‘000)------

Stores 538,593 531,374

Spares 1,294,077 1,242,918
1,832,670 1,774,292
Less: Provision for slow moving stores and spares 1,244,917 1,018,683
587,753 755,609
8.1 Provision for slow moving stores and spares

Opening balance 1,018,683 794,881

Charge for the year 26 226,234 223,802
Closing balance 1,244,917 1,018,683
9 STOCK-IN-TRADE

In hand

Manufacturing stock
Raw material and components 6,630,583 9,534,801
Less: Provision for slow moving stock-in-trade 9.4 96,079 590,881
9.1 6,534,504 8,943,920
Work-in-process 1,799,557 1,503,973
Finished goods (vehicles – own manufactured) 9.2 1,711,088 2,554,755
Less: Provision for slow moving stock-in-trade 9.4 10,252 57,812
1,700,836 2,496,943
Trading stock
Vehicles 163,619 11,836
Less: Provision for slow moving stock-in-trade 9.4 554 -
163,065 11,836
Spare parts 9.3 1,012,943 1,549,989
Special service tools and publications 13,578 16,146
Less: Provision for slow moving stock-in-trade 9.4 372,903 389,967
653,618 1,176,168

292
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Note 2025 2024
------(Rupees in ‘000)------
In transit

Raw material - manufacturing stock 10,449,120 7,971,625

Trading stock 466,147 721,183
10,915,267 8,692,808
21,766,847 22,825,648

9.1 This represents the net amount of raw material and components after recording write offs amounting to
Rs 12.943 million (2024: Rs 8.457 million).

9.2 These include vehicles amounting to Rs 383.113 million (2024: Rs 414.288 million) held with the Company’s
authorised dealers.

9.3 This includes an amount of Rs 45.688 million (2024: Rs 1.723 million) representing stock-in-trade of motor oil.

Note 2025 2024

------(Rupees in ‘000)------
9.4 Provision for slow moving stock-in-trade

Opening balance 1,038,660 455,256

(Reversal) / charge for the year - net 26 (558,872) 583,404
Closing balance 479,788 1,038,660
10 TRADE DEBTS - Unsecured

Considered good
- Government organisations 930,447 13,390
- Dealers - Installment sales 10.2 8,218,073 5,616,479
- Others 764,943 363,269
9,913,463 5,993,138
Considered doubtful 17,464 23,288
9,930,927 6,016,426
Less: Allowance for expected credit losses 10.3 17,464 23,288
9,913,463 5,993,138

10.1 These balances relate to various customers, primarily authorised dealers of the Company and government
organisations, for whom there is no recent history of default. The ageing analysis of these trade debts is as follows:

2025 2024
------(Rupees in ‘000)------

Not yet due 9,533,754 5,616,479

Upto 1 month 289,514 278,328
1 to 6 months 84,757 84,942
More than 6 months 22,902 36,677
9,930,927 6,016,426

10.2 This represents amount receivable form authorised dealers under installment credit sales of motor vehicles which
are repayable over a period of 6 to 12 months with monthly equal deductions. No markup is charged on these
installment sales.

Annual Report 2025 293

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Note 2025 2024
---------(Rupees in ‘000)--------
10.3 Movement of allowance for expected credit loss is as follows:

Opening balance 23,288 22,478

(Reversal) / charge for the year 29 (2,336) 810
Less: Write-off during the year 3,488 -
Closing balance 17,464 23,288

Note 2025 2024

11 LOANS AND ADVANCES ---------(Rupees in ‘000)--------

Current portion of long-term loans and advances considered good

Loans due from - secured

- Executives 5 55,731 16,453
- Employees 5 23,645 21,291
79,376 37,744
Advances – considered good
- Suppliers and contractors - unsecured 639,654 516,153
- Employees - unsecured 10,878 15,886
- Collector of Customs - secured 11.1 70,012 89,678
- Margins held with banks against imports - secured 11.2 1,825,417 2,317,219
2,545,961 2,938,936
2,625,337 2,976,680

11.1 This represents advances paid to the Collector of Customs in respect of the imports of stock-in-trade. The entire
amount of Rs 70.012 million (2024: Rs 89.678 million) was subsequently adjusted in respect of imported goods
received.

11.2 This represents cash held with various banks against letters of credit for import of items of stock-in-trade. An
amount of Rs 1,417.985 million (2024: Rs 1,974.407 million) was subsequently settled on receipt of invoices and
documents relating to the imported goods at the end of the year. This includes an amount of Rs 426.792 million
(2024: Rs 1,719.968 million) held with Habib Metropolitan Bank Limited - a related party, at the end of the year.

Note 2025 2024

12 SHORT-TERM PREPAYMENTS
---------(Rupees in ‘000)--------

Rent
Insurance 6,228 2,314
Others 12.1 30,183 24,124
41,439 64,526
77,850 90,964

12.1 This includes an amount of Rs 17.865 million (2024: Rs 8.124 million) paid to Habib Insurance Company Limited - a
related party.

13 ACCRUED RETURN Note 2025 2024

---------(Rupees in ‘000)--------

Term Deposit Receipts and bank deposits

13.1 34,688 -

13.1 This includes an amount of Rs 31.674 million (2024: Nil) receivable from Habib Metropolitan Bank Limited - a
related party

294
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Note 2025 2024

14 OTHER RECEIVABLES ---------(Rupees in ‘000)--------

Considered good

Warranty claims and other receivables due from a related 14.1 259,449 266,596
party - Toyota Tsusho Corporation
Agency commission - receivable from a related party - Toyota 14.2 19,852 2,395
Tsusho Asia Pacific PTE. Limited 22,800 19,000
Earnest money 14.3 110,935 11,329
Insurance claims receivable 14.4 3,343,484 2,626,470
Workers’ Profit Participation Fund 2,595 18,053
Receivable against sale of operating fixed assets 66,208 43,004
Dividend receivable from mutual funds
Global Skill Training expense receivable due from a related party 67,562 -
Toyota Motor Corporation 78,396 9,668
Others 3,971,281 2,996,515

14.1 The maximum aggregate amount due at the end of any month during the year was Rs 401.047 million (2024: Rs
300.106 million). These balances are neither past due nor impaired.

14.2 The maximum aggregate amount due at the end of any month during the year was Rs 75.779 million (2024: Rs
36.842 million). These balances are neither past due nor impaired.

14.3 This includes an amount of Rs 110.595 million (2024: Rs 11.198 million) receivable from Habib Insurance Company
Limited - a related party. The maximum aggregate amount due at the end of any month during the year was Rs
187.138 million (2024: Rs 87.421 million).
Note 2025 2024
---------(Rupees in ‘000)--------

14.4 Workers’ Profit Participation Fund

2,626,470 1,778,973
Opening balance 30 (1,332,989) (698,750)
Allocation for the year 1,293,481 1,080,223
2,050,003 1,546,247
Amount paid during the year 3,343,484 2,626,470
Closing balance

Note 2025 2024

---------(Rupees in ‘000)--------
15 SHORT-TERM INVESTMENTS

At amortised cost
15.1 12,000,000 -
Term Deposit Receipts (TDRs)

At fair value through profit or loss

Government securities 15.2 55,740,350 28,699,289

- Market Treasury Bills (T-Bills)
15.3 49,122,783 47,841,546
Listed Mutual Fund Units 104,863,133 76,540,835
116,863,133 76,540,835

15.1 These securities have varying maturities ranging from July 4, 2025 to July 20, 2025. The yield on these TDRs ranges
between 9.5% to 11.0% (2024: Nil) per annum.

15.2 These securities have varying maturities ranging from July 24, 2025 to June 24, 2026. The yield on these securities
ranges between 10.88% to 18.05% (2024: 18.85% to 21.66%) per annum.

Annual Report 2025 295

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
15.3 Investment in Listed Mutual Fund Units - Fair value through profit or loss
Number of Fair value as at
Name of the Investee units as at June June 30, 2025
30, 2025 (Rupees in ‘000)

ABL Cash Fund 488,333,708 5,007,960

AGHP Cash Fund 3,967,182 2,001,510
Al Ameen Islamic Cash Fund 10,027,758 1,007,438
Al Habib Money Market Fund 34,061,047 3,422,090
Alflah GHP Money Market Fund 30,320,671 3,002,238
Alhamra Islamic Income Fund 19,219,552 2,004,413
Atlas Islamic Money Market Fund 992,477 501,308
Atlas Money Market Fund 4,883,608 2,503,218
Faysal Islamic Cash Fund 29,987,160 3,005,553
HBL Cash Fund 38,776,561 4,007,654
HBL Islamic Money Market Fund 9,866,467 1,001,983
Lakson Money Market Fund 29,170,536 3,004,626
MCB Cash Management Optimizer 29,400,149 3,007,841
Meezan Cash Fund 87,804,680 4,515,584
NBP Money Market Fund 234,945,085 2,357,157
NBP Financial Sector Fund 165,028,947 1,762,311
NBP Mahana Amdani Fund 97,302,767 1,001,936
NIT Money Market Fund 205,284,010 2,004,085
UBL Cash Fund 19,958,566 2,002,429
UBL Liquidity Plus Fund 19,721,510 2,001,449
2025 1,559,052,441 49,122,783

2024 1,636,712,378 47,841,546

Note 2025 2024

16 CASH AND BANK BALANCES ---------(Rupees in ‘000)--------

Cash in hand 14,373 18,964

Balances held with banks in local currency:
- current accounts 150,331 1,740
- savings accounts 16.1 5,233,070 7,219,706
16.2 5,383,401 7,221,446

5,397,774 7,240,410

16.1 These carry profit at rates ranging from 5.87% to 9.5% (2024: 11.01% to 20.5%) per annum.

16.2 This includes an amount of Rs 986.564 million (2024: Rs 2,810.857 million), held with Habib Metropolitan Bank
Limited - a related party.

17 ISSUED, SUBSCRIBED AND PAID-UP CAPITAL

2025 2024 2025 2024

(Number of shares) ---------(Rupees in ‘000)-------

Ordinary shares of Rs 10 each

78,600,000 78,600,000 fully paid in cash 786,000 786,000

296
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
17.1 Ordinary shares of the Company held by related parties as at the year end are as follows:

Percentage of 2025 2024

shareholding
---------(Rupees in ‘000)--------
(%)

Toyota Motor Corporation 25.0 19,650,000 19,650,000

Toyota Tsusho Corporation 12.5 9,825,000 9,825,000
Overseas Pakistan Investors AG 34.8 27,382,730 27,382,730
Thal Limited 6.2 4,890,000 4,890,000
Habib Insurance Company Limited 0.031 24,015 24,015

17.2 All ordinary shares rank equally with regard to the Company’s residual assets. Holders of these shares are entitled
to dividends as declared from time to time and are entitled to one vote per share at general meetings of the
Company.
Note 2025 2024
18 RESERVES
---------(Rupees in ‘000)--------
Capital reserve
- Share premium 18.1 196,500 196,500

Revenue reserves
General reserve
- Balance brought forward 55,951,050 51,951,050
- Transferred from unappropriated profit 6,500,000 4,000,000
62,451,050 55,951,050

Unappropriated profit 13,519,088 10,292,893

76,166,638 66,440,443

18.1 This reserve can be utilised by the Company only for the purposes specified in section 81 of the Companies Act,
2017.

Note 2025 2024

---------(Rupees in ‘000)--------
19 LONG-TERM LOAN

Loan under financing scheme:

- Refinance scheme for renewable energy 19.1 & 19.2 199,912 239,895

Less: Current Portion

- Refinance scheme for renewable energy (39,983) (39,983)

159,929 199,912

19.1 This represents loan obtained under the SBP financing scheme for investment in Plant and Machinery for renewable
energy projects. During the year, the Company repaid an amount of Rs 39.983 million. The financing already
made carries mark-up at the rate of 3.25% - 4.25% per annum and is secured by way of hypothecation charge over
plant and machinery (note 4) against which the facility is available. The loan is repayable on a quarterly basis in
40 equal installments and the first repayment was made on September 12, 2020.
Note 2025 2024
---------(Rupees in ‘000)--------

19.2 Following is the movement in long term financing:

Opening balance 239,895 279,878

Repayments (39,983) (39,983)
Closing balance 199,912 239,895

Annual Report 2025 297

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Note 2025 2024
20 TRADE AND OTHER PAYABLES
---------(Rupees in ‘000)--------
Trade creditors
- Associated undertakings / related parties 1,555,378 1,614,778
- Others 12,443,832 9,687,814
Bills payable to related parties 20.1 5,731,990 5,509,994
Accrued liabilities 20.2 & 20.3 17,621,284 13,458,901
Royalty payable to associated undertakings
/ related parties 794,266 768,004
Deposits from dealers 20.4 336,050 336,050
Deposits from vendors 37,911 37,911
Custom duty payable 20.5 887,747 887,747
Retention money 103,022 125,263
Workers’ Welfare Fund 1,018,386 716,150
Payable to dealers 5,005,443 2,654,788
Payable to customers 594,118 183,414
Compensation on advances received
from customers 20.6 75,502 68,200
Payable to Pension Fund - Defined Benefit Scheme 8,346 8,560
Interest payable on long-term loan 2,273 2,632
Sales tax – net 6,134,774 1,636,374
Withholding income tax payable 2,668,928 744,306
FED payable on vehicle sales 965,622 1,419,647
Other government levies payable 2,753,453 2,413,430
58,738,325 42,273,963

2025 2024
---------(Rupees in ‘000)--------
20.1 This represents amounts payable to the following related parties:

Toyota Tsusho Asia Pacific PTE. Limited 5,718,903 5,499,905

Toyota Motor Asia Pacific PTE. Limited - 22
Toyota Tsusho Corporation 1,327 -
Toyotsu Machinery Corporation 6,035 -
Toyota Tsusho (Thailand) Co. Limited 1,042 10,067
Toyota Motor Asia (Singapore) PTE Limited 130 -
Toyotsu Chemiplas Corporation 4,553 -
5,731,990 5,509,994

20.2 These include an amount of Rs 293.094 million (2024: Rs 303.720 million) payable to the related parties.

20.3 These include accruals in respect of Sindh Infrastructure Development Cess, Gas Infrastructure Development
Cess, maintenance charges and other expenses.

20.4 These represent interest free deposits received from authorised dealers in accordance with the terms of the
dealership agreements. These deposits have been utilised for the purpose of the Company’s business, based on
agreement with dealers.

20.5 This represents accrual of additional custom duty on imports of prior periods.

20.6 This represents compensation payable to customers on advances received from them in respect of manufactured
vehicles on delayed delivery over two months, subject to certain conditions.

298
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Note 2025 2024
---------(Rupees in ‘000)--------
21 WARRANTY OBLIGATIONS

Warranty obligations 21.1 & 21.2 4,750,931 5,379,972

21.1 Movement of warranty obligations

Opening balance 5,379,972 2,189,635

(Reversal) / charge for the year 27 (500,350) 3,330,516
4,879,622 5,520,151
Utilisation during the year (128,691) (140,179)
Closing balance 4,750,931 5,379,972

21.2 This represents the Company’s best estimate of the amount required to be paid / settled to cover the potential warranty
claims based on historical experience and impacts of potential recalls arising as a result of inspections carried out
by the Company and Toyota Motor Corporation (TMC) as envisaged under the technical assistance agreement.

While determining the amount of provision, the Company also takes into account the situations where
there is uncertainty about whether the present obligation exists or not however, taking into account
all available evidence it is more likely than not that a present obligation exists at the reporting date.

The Company is committed to maintaining high standards of product quality and customer satisfaction and
takes this into account while assessing potential warranty claims and impacts of any recalls. Moreover, as part
of ongoing customer quality commitments and safety standards, the Company continuously carries out various
assessments / durability testing of the performance of its products and recognises provisions accordingly.

22 ADVANCES FROM CUSTOMERS AND DEALERS - unsecured

These represent advances received by the Company from customers and dealers in respect of sale of vehicles &
parts recorded exclusive of sales tax, other duties and withholding tax. Out of the opening advances amounting
to Rs 22,041 million as at June 30, 2024, an amount of Rs 21,905 million has been recognised as revenue during
the current year.

23 DEFINED BENEFIT PLAN - Approved Pension Fund

As mentioned in note 2.15, the Company operates an approved pension fund for its permanent employees
who are governed under the Old Rules. The latest actuarial valuation of the Company’s pension fund, based on
Projected Unit Credit Method, was carried out as at June 30, 2025. The pension fund exposes the Company to the
following risks:

Mortality risks

The risk that the actual mortality rates are different. The effect depends on the beneficiaries’ service / age
distribution and the benefit.

Investment risks

The risk of the investments underperforming and not being sufficient to meet the liabilities.

Final salary risks

The risk that the final salaries at the time of cessation of service are greater than what was assumed. Since the
benefit is calculated on the basis of final salary of an employee, the amount of the benefit increases with any
increase in the final salary.

Withdrawal risks

The risk of higher or lower withdrawals than assumed. The final effect could go either way depending on the
beneficiaries’ service / age distribution and the benefits payable.

Annual Report 2025 299

 NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
2025 2024
----------(% per annum)---------
23.1 Principal actuarial assumptions are as follows:

TDiscount factor used 11.75 14.75

Expected rate of salary increase 10.75 13.75
Expected rate of return on plan assets 11.75 14.75
Expected rate of increase in long-term pension 2.25 5.25

Note 2025 2024

23.2 The amounts recognised in the statement of ---------(Rupees in ‘000)--------
financial position are determined as follows:

Present value of defined benefit obligation 23.4 13,282 11,265

Fair value of plan assets 23.3 & 23.4 (4,936) (2,705)
20 8,346 8,560

23.3 Plan assets consist of the following: 2025 2024

Quoted Non-Quoted Quoted Non-Quoted
-------------------------(Rupees in ‘000)------------------------

Balances with banks - 510 - 157

Equity instruments - - 697 -
Debt instruments - Government - 3,166 - 1,859
Investment in mutual funds - 1,227 - -
Others - 33 - (8)
- 4,936 697 2,008

23.4 The movement in the net defined benefit obligation over the year is as follows:

2025
Present value
of defined Fair value of
Total
benefit plan assets
obligation

-----------------(Rupees in '000)-----------------

At July 1 11,265 (2,705) 8,560

Current service cost 244 - 244
Interest expense / (income) 1,659 (427) 1,232
13,168 (3,132) 10,036
Remeasurements:

- Gain on plan assets, excluding amounts

included in interest expense - (561) (561)
- Loss from change in demographic assumptions - - -
- Loss from change in financial assumptions 666 - 666
666 (561) 105
13,834 (3,693) 10,141
Net contribution - (1,795) (1,795)
Benefit payments (552) 552 -
At June 30 13,282 (4,936) 8,346

300
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
2024
Present value
of defined Fair value of
Total
benefit plan assets
obligation

----------------(Rupees in '000)----------------

At July 1 10,364 (14,973) (4,609)

Current service cost 215 - 215
Interest expense / (income) 1,680 (2,374) (694)
12,259 (17,347) (5,088)
Remeasurements:

- Gain on plan assets, excluding amounts

included in interest expense - 1,876 1,876
- Loss from change in demographic assumptions - - -
- Loss from change in financial assumptions (442) - (442)
(442) 1,876 1,434
11,817 (15,471) (3,654)
Net contribution - 12,214 12,214
Benefit payments (552) 552 -
At June 30 11,265 (2,705) 8,560

23.5 Charge for defined benefit plan recognised in the Note 2025 2024
statement of profit or loss
---------(Rupees in ‘000)--------

Current service cost 244 215

Net interest expense / (income) 1,232 (694)
1,476 (479)

23.6 The sensitivities of the net defined benefit obligation to changes in the weighted principal assumptions are as under:

Amount of net defined benefit

obligation
Change in Increase in Decrease in
assumption assumption assumption

--------(Rupees in ‘000)--------

Discount rate 1% 12,140 14,605

Long-term salary increases 1% 13,485 13,083
Pension increase rate 1% 14,342 12,345

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant.
When calculating the sensitivity of the net defined benefit obligation to significant actuarial assumptions the
same method (present value of the defined benefit obligation calculated with the projected unit credit method
at the end of the reporting period) has been applied as when calculating the pension liability recognised within
the statement of financial position.

23.7 The weighted average duration of the net defined benefit obligation is 8.60 (2024: 8.78) years.

Annual Report 2025 301

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
23.8 Expected maturity analysis of undiscounted net defined benefit obligation for the pension fund as at June
30, 2025 is as follows:
Less than a Between Between Over
Total
year 1-2 years 2-4 years 4 years
--------------------------------- Rupees '000 ---------------------------------
June 30, 2025
Pension 570 581 3,138 10,994 15,283

June 30, 2024

Pension 584 613 1,911 11,573 14,681

23.9 The expected return on plan assets is determined by considering the expected long-term returns available on
the assets underlying the current investment policy. Expected yield on fixed interest investments are based on
gross redemption yield as at the statement of financial position date. Expected returns on equity are based on
long-term real rates experienced in the stock market.

23.10 The expected charge for the defined benefit plan for the year ending June 30, 2026 is Rs 1.260 million.

23.11 The investments out of the contributory pension funds have been made in accordance with the provisions of
Section 218 of the Companies Act, 2017 and the rules formulated for this purpose.

23.12 The above notes have been taken from the actuarial report as at June 30, 2025.

24 CONTINGENCIES AND COMMITMENTS

Contingencies

24.1 The Company received a consolidated demand notice dated February 2, 2006 from the Collector of Customs
(Appraisement), for recovery of Rs 370.373 million in aggregate on account of customs duty amounting to Rs
235.775 million and sales tax amounting to Rs 134.598 million for non-inclusion of royalty payment to Toyota
Motor Corporation on the import value of CKD kits imported from 1997 to 2005. The demand had been raised
based on the view that royalty value should be included as part of imported CKD kits which is opposed to the view
of the Company based on factual position that the royalty pertains to locally deleted parts. An Order was passed
against the Company on September 2, 2006 against which appeal was preferred before the Customs, Excise and
Sales Tax Appellate Tribunal (the Appellate Tribunal), bearing Customs Appeal No. K-512/06, which was decided,
vide Order dated April 9, 2008 in the Company’s favour and accordingly, the demand to the extent of Rs 370.373
million was reversed. A Special Customs Reference Application No. 243 of 2008 was instituted by the Custom
Authorities on July 7, 2008 before the High Court of Sindh against the decision of the Appellate Tribunal, which
was decided in favor of IMC vide judgement dated July 17, 2023 against which the department has filed CPLA No.
1125 of 2023, and the same is pending before the Honorable Supreme Court of Pakistan.

During the year ended 2007, the Company received show cause notice dated January 10, 2007 by the Collector
of Customs (Appraisement), on similar lines to the above notice, for the period from April 2005 to July 2006, and
for short recovery of Rs 54.348 million (Rs 34.429 million as custom duty and Rs 19.919 million as sales tax). An
Order-in-Original dated May 2, 2007 was passed against the Company with the addition of penalty of Rs 150,000.
The Company preferred an appeal on July 7, 2007 before the Collector of Customs, Sales Tax and Federal Excise
(Appeals-I) bearing Customs Appeal No. 535 of 2007 which is pending as at the year end.

A demand cum show cause notice dated February 17, 2007 was issued to the Company alleging that the Company
owes custom duty and sales tax amounting to Rs 55.598 million on imports of CKD kits as part of its automobile
business. An Order-in-original dated May 30, 2007 was passed against the Company against which an appeal
bearing Customs Appeal No. K-299/2007 dated June 29, 2007 was filed and decided in favor of the Company on
March 16, 2023.

During the year ended 2018, the Company received two show cause notices dated February 9, 2018 from the
Collector of Customs (Adjudication-I), for the period from July 2013 to June 2017, in respect of MCC PMBQ and
MCC Appraisement (West), alleging short recovery of duties and taxes of Rs 1,947.194 million and Rs 2,232.149
million respectively. The Company challenged these show cause notices in the High Court of Sindh vide Const.
Petitions No. 1372/2018 and 1410/2018 dated February 20, 2018. The Court was pleased to restrain the Customs
department from passing any final order against the Company vide Orders dated February 20, 2018 and February
21, 2018 respectively. Later, the court on July 16, 2023, decided the case in IMC’s favor. the department filed an
appeal before the Supreme Court, and the same was also dismissed on August 21, 2024, giving finality to the
High court decision.

302
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
During year ended 2020, the Company received a show cause notice dated March 2, 2020 from the Collector of
Customs (Adjudication - II) MCC Appraisement (East), in respect of the same aforementioned period claiming
short recovery of Rs 569.910 million (custom duty of Rs 289.986 million, sales tax of Rs 203.060 million and income
tax of Rs 76.864 million) on royalty payment to Toyota Motor Corporation. The Company challenged the show
cause notice in the High Court of Sindh vide Const. Petition No. 1665/2020 and the Court was again pleased to
restrain the Customs Department from passing any final order against the Company vide Order dated March 9,
2020. Later, the court on July 16, 2023, decided the case in IMC’s favor. the department filed an appeal before the
Supreme Court, and the same was also dismissed on August 21, 2024, giving finality to the High court decision.

During the year ended 2021, the Company received a show cause notice dated May 19, 2021, from the Collector
of Customs East claiming short recovery of Rs 1,313.696 million (custom duty of Rs 456.307 million, additional
custom duty Rs 30.420 million, sales tax of Rs 599.892 million and income tax of Rs 227.077 million) on royalty
payment to the Toyota Motor Corporation for the period from July 2017 to June 2020. The Company challenged
the show cause notice before the High Court of Sindh vide Const. Petition No. D-3593/2021. The Court was
pleased to restrain the Customs Department from passing any final order against the Company vide Order dated
June 8, 2021. Later, the court on July 16, 2023, decided the case in IMC’s favor. the department filed an appeal
before the Supreme Court, and the same was also dismissed on August 21, 2024, giving finality to the High court
decision.

During the year ended 2022, the Company received two show cause notices from Collector of Customs MCC
Appraisement (West) and MCC PMBQ dated July 26, 2021 claiming short recovery of Rs 374.986 million (customs
duty of Rs 126.630 million, additional custom duty of Rs 16.884 million, sales tax of Rs 167.912 million and income
tax of Rs 63.560 million) and Rs 1,506.412 million (customs duty of Rs 508.706 million, additional customs duty
of Rs 67.827 million, sales tax of Rs 674.544 million and income tax of Rs 255.335 million on royalty payment to
Toyota Motor Corporation for the period from July 2017 to June 2020 and July 2017 to June 2021 respectively. The
Company filed two Constitutional Petitions, bearing No. 4807/2021 and 4808/2021 respectively, wherein the High
Court of Sindh, vide Interim Order dated August 9, 2021 was pleased to suspend the two show cause notices.
Later, the court on July 16, 2023, decided the case in IMC’s favor. the department filed an appeal before the
Supreme Court, and the same was also dismissed on August 21, 2024, giving finality to the High court decision.

The aforementioned notices had been raised based on the view that royalty value should be included as part
of imported CKD kits which is opposed to the view of the Company based on factual position that the royalty
pertains to locally deleted parts. During the year ended June 30, 2024, the Honourable High Court of Sindh
decided the cases in favour of the Company in aforementioned petitions and the department has filed an appeal
before the Supreme Court of Pakistan.

In respect of pending appeals at various appellate forums, a similar favourable decision is expected based on
recent High Court of Sindh Judgement as the facts are common and involve identical question of law. Therefore,
no provision has been made by the Company in these financial statements against the above mentioned claims
as the management is confident that the matters will be decided in favour of the Company.

24.2 During the year ended 2017, the Company received an Assessment Order dated May 24, 2017 from the Punjab
Revenue Authority (PRA), claiming that the Company was required to pay sales tax on franchise services provided
in the province of Punjab for the period from April 2013 to December 2016, as per the Second Schedule of the
Punjab Sales Tax on Services Act, 2012. During the year ended 2021, Commissioner Appeals, PRA set aside the
said Assessment Order vide its Order dated November 9, 2020 as sufficient opportunity of hearing was not
provided by the assessing officer. Further, the Company received show cause notice dated June 16, 2021 for the
aforementioned period requiring to pay Punjab Sales Tax amounting to Rs 387.689 million. During the year ended
2022, the Company obtained stay order from Lahore High Court against the aforementioned show cause notice
and expects a favourable outcome. Hence, no provision has been made in these financial statements.

24.3 During year ended 2020, the Company received show cause notice dated February 13, 2020 under section 122(5A)
of the Income Tax Ordinance, 2001 from the Additional Commissioner IR - Federal Board of Revenue, challenging
the admissibility of claim of deductible allowance on account of Workers’ Profit Participation Fund of Rs 1,027.961
million and Workers Welfare Fund of Rs 330.495 million for the tax year 2019. The tax credit on the said deductible
allowances disallowed in the aforesaid show cause notice aggregates to Rs 393.952 million. The Company has
filed a petition against the same before the High Court of Sindh, which is pending for hearing. The management
of the Company is confident that the matter will eventually be decided in favour of the Company. Hence, no
provision has been made in these financial statements.

Annual Report 2025 303

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
During the year ended 2021, the Company received show cause notice dated February 19, 2021 under section
122(5A) of the Income Tax Ordinance, 2001 from the Additional Commissioner IR - Federal Board of Revenue,
challenging the admissibility of claim of deductible allowance on account of Workers Welfare Fund of Rs 109.992
million for the tax year 2020. The Company has filed a petition against the same before the High Court of Sindh,
which is pending for hearing. The management of the Company is confident that the matter will eventually be
decided in favour of the Company. Hence, no provision has been made in these financial statements.

During the year ended 2022, the Company received show cause notice dated May 21, 2022 under section 122(5A)
of the Income Tax Ordinance, 2001 from the Additional Commissioner IR - Federal Board of Revenue, challenging
the admissibility of claim of deductible allowance on account of Workers’ Profit Participation Fund of Rs 368.778
million and Workers Welfare Fund of Rs 300.394 million for the tax year 2021. The Company has filed a petition
against the same before the High Court of Sindh, which is pending for hearing. The management of the Company
is confident that the matter will eventually be decided in favour of the Company. Hence, no provision has been
made in these financial statements.

24.4 During the year ended 2022, the Company received a show cause notice dated February 23, 2022 under
section 161/ 205 of the Income Tax Ordinance, 2001 from Deputy Commissioner IR – Federal Board of Revenue,
challenging the non-collection of advance tax under section 231B of the Ordinance involving amount of tax of Rs
634.100 million for the period July 2021 to December 2021 against 2,966 units of Hilux vehicles sold other than for
private use. The Company challenged the show cause notice in the High Court of Sindh and obtained stay order
against the said show cause notice, while the petition is pending for hearing. The Company has, on a prudent
basis, recognised a provision in respect of the aforementioned notice.

24.5 The Federal Government of Pakistan, through SRO 2069(l)/2022 dated December 1, 2022, inserted mandatory
year wise export targets for Original Equipment Manufacturers (OEMs) for availing the benefit of concessionary
custom duty under SRO 656 dated June 22, 2006. Accordingly, an importer is required to export a certain
percentage of its import quota under SRO 656 for availing the benefit of concessionary custom duty as per year
wise target given in the SRO.

The Company has challenged the introduction of export conditions in the SRO 656 through a constitutional
petition CP no D-238 of 2024 before the High Court of Sindh. On January 19, 2024, the High Court of Sindh
granted interim relief to the Company directing the Engineering Development Board to allow imports made by
the Company at concessionary rates. The petition and the interim order granted therein remain in force as at June
30, 2025.

The Company has disputed the amendments made to SRO 656 for mandatory export targets based on the
grounds that the purpose of the SRO 656 was to incentivise local vehicle assembling and products and not to
impose any export restrictions. The Company has also submitted its compliance of export conditions with the
Engineering Development Board (EDB) which is yet to be acknowledged. Further, companies in the automobile
sector are also in negotiations with the Government on this matter in order to ensure that this matter is resolved
without disrupting the operations of the automobile companies. The Company has carried an assessment of
the potential impact of the amount of additional custom duty that the Company might need to pay in case the
case is decided against the Company which works out to Rs 13.7 billion, Rs 12 billion and Rs 19.7 billion for the
years ended June 30, 2023, 2024 and 2025 respectively. Based on the advice of the Company’s legal counsel,
the management believes that the Company has a good and reasonable case, and the matter will eventually be
decided in favor of the Company. Accordingly, no provision has been recognised in respect of the above matter
in these financial statements.

24.6 As at June 30, 2025, the claims not acknowledged as debts by the Company, other than those separately disclosed
above, amounts to Rs 3,717.498 million (2024: Rs 3,421.498 million).
Note 2025 2024
---------(Rupees in ‘000)--------

Cases filed by government authorities 899,422 889,422

Others 2,818,076 2,532,076
24.6.1 3,717,498 3,421,498

304
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

24.6.1 The above cases represent legal proceedings initiated against the Company by various parties therefore pending
adjudication in various courts and legal forums of Pakistan since many years. A few cases have been added and
/ or disposed of during the current year. The management of the Company is of the view that the Company has a
strong position in these cases and these cases will be decided in favour of the Company. Hence, no provision has
been recorded in respect of such cases in these financial statements.
2025 2024
---------(Rupees in ‘000)--------

24.7 Outstanding bank guarantees 31,643,769 26,024,273

Outstanding bank guarantees include an amount of Rs 14,326.659 million (2024: Rs 9,824.835 million) in respect
of bank guarantees from Habib Metropolitan Bank Limited - a related party.

24.8 Commitments

24.8.1 Commitments in respect of capital expenditure as at June 30, 2025 amounted to Rs 1,085.842 million (2024: Rs
649.099 million).

24.8.2 Commitments in respect of letters of credit, other than for capital expenditure, amounted to Rs 32,592.894
million (2024: Rs 26,278.435 million). The above letters of credit include an amount of Rs 1,809.280 million (2024:
Rs 5,304.819 million) availed from Habib Metropolitan Bank Limited - a related party.

24.8.3 Commitments in respect of land rent and maintenance charges against leasehold land from Port Qasim Authority
as at June 30, 2025 amounted to Rs 169.603 million (2024: Rs 178.524 million).

Year 2025 2024

---------(Rupees in ‘000)--------
2025-2026 - 8,921
2026-2027 9,366 9,366
2027-2028 9,835 9,835
2028-2029 10,326 10,326
2029-2030 10,842 10,842
2030 onwards 129,234 129,234
169,603 178,524

Annual Report 2025 305

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
25 OPERATING RESULTS
Manufacturing Trading Total

Note 2025 2024 2025 2024 2025 2024

--------------------------------------------- (Rupees in '000) ---------------------------------------------

Gross sales 25.4 272,619,747 186,269,460 16,646,465 12,829,697 289,266,212 199,099,157

Sales tax (46,545,305) (29,700,735) (2,713,121) (2,061,017) (49,258,426) (31,761,752)

Capital value tax (2,683,147) (1,831,701) - - (2,683,147) (1,831,701)

Federal excise duty (13,387,935) (9,345,582) - - (13,387,935) (9,345,582)

25.5 210,003,360 145,391,442 13,933,344 10,768,680 223,936,704 156,160,122

Commission (6,773,172) (2,626,115) (173,091) (145,519) (6,946,263) (2,771,634)

Discounts (883,433) (26,384) (892,302) (758,367) (1,775,735) (784,751)

Compensation on advances from
(78,124) (122,712) - - (78,124) (122,712)
customers
Revenue from contracts with customers 202,268,631 142,616,231 12,867,951 9,864,794 215,136,582 152,481,025

Cost of sales 26 (175,492,289) (126,749,452) (8,448,906) (6,349,271) (183,941,195) (133,098,723)

Gross profit 26,776,342 15,866,779 4,419,045 3,515,523 31,195,387 19,382,302

Distribution expenses 27 2,161,278 5,417,050 102,558 124,761 2,263,836 5,541,811

Administrative expenses 28 3,385,645 2,472,038 215,388 170,991 3,601,033 2,643,029

(5,546,923) (7,889,088) (317,946) (295,752) (5,864,869) (8,184,840)

21,229,419 7,977,691 4,101,099 3,219,771 25,330,518 11,197,462

Other operating expenses 29 (229,361) (166,394) (14,592) (11,509) (243,953) (177,903)

Workers' Profit Participation

Fund and Workers' Welfare Fund 30 (2,101,774) (1,178,053) - - (2,101,774) (1,178,053)

Net profit / (loss) from operations 18,898,284 6,633,244 4,086,507 3,208,262 22,984,791 9,841,506

Other income 31 14,949,419 13,656,239

37,934,210 23,497,745

Finance costs 32 (263,733) (170,291)

Profit before taxation and levy 37,670,477 23,327,454

Levy 33 (181,135) (614,584)

Profit before taxation 37,489,342 22,712,870

Taxation 33 (14,479,683) (7,640,444)

Profit after taxation 23,009,659 15,072,426

25.1 Management monitors the operating results of its business segments separately for the purpose of making
decisions about resource allocation and performance assessment. Operating segments are reported in a manner
consistent with internal reporting provided to the CODM. Segment performance is generally evaluated based on
certain key performance indicators including business volume and gross profit. Segment results include items
directly attributable to a segment as well as those that can be allocated on a reasonable basis.

25.2 The management has determined the operating segments based on the reports reviewed by the CODM that are
used to make strategic and business decisions.

Manufacturing

This segment relates to the sale of locally manufactured cars and parts.

Trading

This segment relates to the trading of Completely Built Unit (CBU), motor oil and parts.

306
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
25.3 Segment wise assets and liabilities are not being reviewed by the CODM.

25.4 This includes an amount of Rs 685.745 million (2024: Rs 567.675 million) in respect of export / zero rated sales of
auto parts and locally manufactured vehicles.

25.5 The gross sales, net of sales tax and discount, for ‘Trading’ segment include an amount of Rs 3,652.477 million
(2024: Rs 2,895.722 million) in respect of sales of motor oil.

25.6 Other operating expenses, administrative expenses and distribution expenses (excluding warranty claims, pre-
delivery inspection and service charges, development expenditure, transportation and running royalty), are
allocated between manufacturing and trading activities on the basis of net sales. Warranty claims, pre-delivery
inspection and service charges, development expenditure, Workers’ Profit Participation Fund and Workers’ Welfare
Fund are allocated to manufacturing activity. Under Distribution expenses, running royalty and transportation
charges are allocated to trading activity.
Note 2025 2024
26 COST OF SALES -----------(Rupees in ‘000)------------

Raw materials and vendor parts consumed

Opening stock 17,506,426 16,471,590
Purchases 157,911,844 106,556,584
Closing stock 9 (17,079,703) (17,506,426)
158,338,567 105,521,748

Stores and spares consumed 2,164,151 1,353,722

Salaries, wages and other benefits 26.1 & 26.2 3,745,220 3,135,827
Rent, rates and taxes 5,520 6,891
Repairs and maintenance 526,188 290,559
Depreciation 4.4 5,843,437 5,608,278
Legal and professional 4,759 2,395
Travelling 110,704 135,632
Transportation 11,615 5,710
Insurance 136,174 123,116
Vehicle running 87,114 66,917
Communication 5,033 8,519
Printing, stationery and office supplies 5,671 5,501
Subscription 6,792 4,098
Fuel and power 858,470 611,444
Running royalty 26.3 2,453,625 1,903,543
Technical fee 29,006 28,125
Staff catering, transport and uniforms 837,388 662,369
(Reversal) / provision for slow moving stock-in-trade 9.4 (542,362) 438,307
Provision for slow moving stores and spares 8.1 226,234 223,802
Others 90,900 2,686
16,605,639 14,617,441
174,944,206 120,139,189

Add: Opening work-in-process 1,503,973 1,140,165

Less: Closing work-in-process 9 1,799,557 1,503,973
174,648,622 119,775,381
Opening stock of finished goods - own manufactured 2,554,755 9,528,826
Closing stock of finished goods - own manufactured 9 (1,711,088) (2,554,755)
Cost of sales - own manufactured 175,492,289 126,749,452

Opening stock of finished goods - trading 2,299,154 2,048,065

Finished goods purchased 7,822,549 6,455,263
Closing stock of finished goods - trading 9 (1,656,287) (2,299,154)
(Reversal) / provision for slow moving stock-in-trade 9.4 (16,510) 145,097
Cost of sales - trading 8,448,906 6,349,271
183,941,195 133,098,723

Annual Report 2025 307

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
26.1 These include an amount of Rs 66.090 million (2024: Rs 91.737 million) in respect of charge against provident
fund and Rs 34.973 million (2024: Rs 60.283 million) in respect of charge against pension fund.

26.2 The investments by the provident fund in collective investment schemes, listed equity and debts securities have
been made in accordance with the conditions specified in section 218 of the Companies Act, 2017 and rules
specified thereunder.

26.3 During the year, the Company paid royalty to the following parties:

Relationship 2025 2024

Company name Address with the
---------(Rupees in ‘000)--------
Company

Toyota Motor 1 Toyota-Cho, Toyota City, Aichi

Associate 2,073,240 4,233,221
Corporation Prefecture 471-8571, Japan

99 Moo 5, T. Ban-Ragad, Group

Toyota Motor Asia
A. Bank-bo, Samutprakran, Company of 73,415 15,855
Thailand Co., Ltd.
105060, Kingdom of Thailand Associate

27 DISTRIBUTION EXPENSES Note 2025 2024

---------(Rupees in ‘000)--------

Salaries, wages and other benefits 27.1 631,141 509,840

Rent, rates and taxes 8,229 6,015
Repairs and maintenance 8,898 3,528
Depreciation 4.4 146,292 124,753
Advertising and sales promotion 705,655 735,730
Travelling 46,490 36,378
Vehicle running 62,041 55,679
Communication 2,703 2,343
Printing, stationery and office supplies 8,707 11,440
Staff training 21,175 31,323
Staff transport and canteen 63,143 43,594
Subscription 2,622 558
(Reversal) / provision for warranty obligations 21.1 & 21.2 (500,350) 3,330,516
Pre-delivery inspection and service charges 67,354 7,626
Development expenditure 983,695 612,809
Transportation 96 1,748
Running royalty 27.2 - 21,603
Others 5,945 6,328
2,263,836 5,541,811

27.1 These include an amount of Rs 14.199 million (2024: Rs 11.822 million) in respect of charge against provident fund
and Rs 5.404 million (2024: Rs 6.007 million) in respect of charge against pension fund.

27.2 During the year the Company paid royalty to the following parties:

Relationship 2025 2024

Company name Address with the
---------(Rupees in ‘000)--------
Company

Toyota Motor 1 Toyota-Cho, Toyota City, Aichi

Associate - 37,563
Corporation Prefecture 471-8571, Japan

308
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Note 2025 2024
28 ADMINISTRATIVE EXPENSES
---------(Rupees in ‘000)--------

Salaries, wages and other benefits 28.1 1,220,880 1,005,815

Rent, rates and taxes 122,176 71,173
Insurance 111,154 109,108
Repairs and maintenance 297,164 155,684
Depreciation 4.4 181,952 104,644
Amortisation 4.2 46,536 76,500
Travelling 135,570 110,367
Legal and professional 316,969 338,457
Directors’ fee 4,000 3,875
Vehicle running 52,943 60,282
Communication 40,686 37,081
Printing, stationery and office supplies 7,150 7,305
Staff training 530,469 272,885
Staff transport and canteen 151,472 68,548
Security 96,560 56,384
Subscription 66,118 48,260
Utilities 1,255 1,091
Others 217,979 115,570
3,601,033 2,643,029

28.1 These include an amount of Rs 22.950 million (2024: Rs 18.378 million) in respect of charge against provident
fund and Rs 15.446 million (2024: Rs 11.090 million) in respect of charge against pension fund.

29 OTHER OPERATING EXPENSES Note 2025 2024

---------(Rupees in ‘000)--------

Auditor’s remuneration 29.1 14,863 9,121

Donations 29.2 231,426 167,972
(Reversal) / allowance for expected credit loss 10.3 (2,336) 810
243,953 177,903

29.1 Auditor’s remuneration

Audit fee 4,350 3,355

Interim review and other certifications 9,903 4,780
Out-of-pocket expenses 610 986
14,863 9,121

29.2 Donations

29.2.1 Donations in which a Director or his spouse is interested are as follows:

Name of Director(s) Interest in Donee Name of Donee 2025 2024

------(Rupees in ‘000)------

Mr Mohamedali R. Habib and

Trustees Habib Education Trust - 1,000
Mr Mohamed Hyder Habib

Mr Mohamedali R. Habib and

Directors Habib University Foundation 25,000 20,000
Mr Mohamed Hyder Habib

Annual Report 2025 309

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

29.2.2 The names of donees to whom donation amount exceeds 10% of total donations, i.e. Al-Khidmat Welfare
Society and Habib University Foundation Pakistan.
Note 2025 2024
30 WORKERS’ PROFIT PARTICIPATION FUND AND ---------(Rupees in ‘000)--------
WORKERS’WELFARE FUND

Workers’ Welfare Fund 768,785 479,303

Workers’ Profit Participation Fund 14.4 1,332,989 698,750
2,101,774 1,178,053

31 OTHER INCOME
Income from financial assets

- Return on bank deposits and TDRs 255,226 1,573,816

- Gain on sale of investments in Market Treasury Bills 3,779,943 2,353,725
- Unrealised gain on Market Treasury Bills 2,782,009 661,443
- Interest income on Market Treasury Bills 372,018 88,760
- Gain on sale of Pakistan Investment Bonds 1,002,616 2,629,825
- Interest income on Pakistan Investment Bonds - 563,541
- Dividend income from Listed Mutual Fund Units 723,033 4,095,020
- Gain on sale of Listed Mutual Fund Units 4,359,777 111,557
- Unrealised gain on Listed Mutual Fund Units 93,089 26,631

Income from other than financial assets

- Agency commission, net of commission expense

of Rs 2.3 million (2024: Rs 2.9 million) 230,492 32,436
- Exchange gain / (loss) on agency commission and exports 3,475 (3,549)
- Gain on disposal of operating fixed assets 214,116 108,582
- Freight and other charges income - net of expenses 431,628 381,244
- Certification income 56,790 70,580
- Unclaimed liabilities written back 544,363 877,684
- Realised exchange gain - net 41,100 6,565
- Reversal of provision for late delivery charges - 22,728
- Others 59,744 55,651
14,949,419 13,656,239

Note 2025 2024

32 FINANCE COSTS ---------(Rupees in ‘000)--------

Interest on long-term loan 9,108 10,756

Unwinding of long-term loans to employees - 2,719
Bank charges 254,625 156,816
263,733 170,291

33 LEVY AND TAXATION

Levy 33.1 181,135 614,584

Taxation 33.2 14,479,683 7,640,444
14,660,818 8,255,028

33.1 This represents final taxes paid under section 150 and section 154 of Income Tax Ordinance, 2001, representing
levy in terms of requirements of IFRIC 21 / IAS 37.

310
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
2025 2024
33.2 Taxation ---------(Rupees in ‘000)--------

Current - for the year 14,484,915 9,510,234

- for prior years 189,291 1,197,952
14,674,206 10,708,186
Deferred tax income (194,523) (3,067,742)
14,479,683 7,640,444

33.3 Relationship between income tax expense and accounting profit

Profit before taxation 37,489,342 22,712,870

Tax at the applicable tax rate of 29% (2024: 29%) 10,871,909 6,586,732
Tax effect of super tax 3,631,216 2,769,476
Tax effect of permanent differences 1,701,867 (1,919,109)
Tax effect of FTR and others (726,275) (1,017,311)
Tax effect of income taxable at lower rates (1,188,325) 22,704
Prior years’ charge 189,291 1,197,952
14,479,683 7,640,444

33.4 Due to imposition of super tax at the rate of 10% the applicable rate has increased to 39%. Accordingly, the
Company has recorded deferred tax at 39% in accordance with the requirements of applicable accounting
and reporting standards.
34 EARNINGS PER SHARE
34.1 Basic

Basic earnings per share has been computed by dividing the profit for the year after taxation by the weighted
average number of shares outstanding during the year.

2025 2024
---------(Rupees in ‘000)--------

Profit after taxation 23,009,659 15,072,426

--------(Number of shares)-------

Weighted average number of ordinary shares outstanding during the year 78,600,000 78,600,000

---------(Rupees in ‘000)--------

Basic earnings per share 292.74 191.76

34.2 Diluted

There are no potential dilutive ordinary shares outstanding as at June 30, 2025 and 2024.

Annual Report 2025 311

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Note 2025 2024
35 CASH GENERATED FROM / (UTILISED IN) OPERATIONS
------(Rupees in ‘000)------
Profit before taxation 37,489,342 22,712,870

Adjustment for non-cash charges and other items:

Levy 33 181,135 614,584
Depreciation 4.2 6,171,681 5,837,675
Amortisation 4.2 46,536 76,500
(Reversal) / allowance for expected credit loss 10.3 (2,336) 810
Provision for slow moving stores and spares 8.1 226,234 223,802
(Reversal) / provision for slow moving stock-in-trade 9.4 (558,872) 583,404
Gain on disposal of operating fixed assets 31 (214,116) (108,582)
Gain on sale of Pakistan Investment Bonds 31 (1,002,616) (3,193,366)
Gain on sale of investments in Listed Mutual Fund Units 31 (4,359,777) (111,557)
Unrealised gain on investment in Listed Mutual Fund Units 31 (93,089) (26,631)
Dividend income from investment in Listed Mutual Fund Units 31 (723,033) (4,095,020)
Unrealised gain on Market Treasury Bills 31 (2,782,009) (661,443)
Gain on sale of investments in Market Treasury Bills 31 (3,779,943) (2,353,725)
Interest income on Market Treasury Bills 31 (372,018) (88,760)
Return on bank deposits and TDRs 31 (255,226) (1,573,816)
Unclaimed liabilities written back 31 (544,363) (877,684)
Charge in respect of Workers’ Profit Participation Fund 30 1,332,989 698,750
Charge in respect of Workers’ Welfare Fund 30 768,785 479,303
Compensation on advances received from customers 25 78,124 122,712
Interest expense on long-term loan 32 9,108 10,756
Working capital changes 35.1 25,874,893 31,257,048
57,491,429 49,527,630

35.1 Working capital changes

(Increase) / decrease in current assets

Stores and spares (58,378) (336,163)
Stock-in-trade 1,617,673 5,324,338
Trade debts (3,917,989) (5,107,884)
Loans and advances 351,343 11,991,446
Short-term prepayments 13,114 (26,454)
Other receivables (273,209) 82,519
(2,267,446) 11,927,802
Increase / (decrease) in current liabilities
Current portion of deferred revenue 4,619 10,587
Trade and other payables 16,699,479 3,824,071
Warranty obligations (629,041) 3,190,337
Advances from customers and dealers 12,067,282 12,304,251
28,142,339 19,329,246
25,874,893 31,257,048

36 CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the statement of cash flows comprise of the following:

Note 2025 2024

------(Rupees in ‘000)------

Cash and bank balances 16 5,397,774 7,240,410

Term Deposit Receipts 15 12,000,000 -
Government securities - Market Treasury Bills 15 2,437,092 6,866,733
19,834,866 14,107,143

312
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

36.1 As at June 30, 2025, the Company has unutilised short-term running finance facilities under mark-up arrangements
aggregating to Rs 5,300 million (2024: Rs 5,300 million) available from various commercial banks carrying mark-
up rates based on 1 month KIBOR as benchmark rate plus 25 - 75 basis points (2024: 1 month KIBOR plus 25 - 75
basis points). The above facilities include an amount of Rs 300 million (2024: Rs 300 million) available from Habib
Metropolitan Bank Limited - a related party.

The Company also has facilities for opening letters of credit and bank guarantees under mark-up arrangements
as at June 30, 2025 amounting to Rs 103,475 million (2024: Rs 93,475 million) from various commercial banks,
including Rs 28,000 million (2024: Rs 25,000 million) available from Habib Metropolitan Bank Limited - a related
party. The unutilised balance as at June 30, 2025 is Rs 38,208 million (2024: Rs 41,172 million).

The above mentioned short-term running finance facilities and bank guarantees are secured by pari passu
hypothecation charge on movable assets and receivables of the Company.

37 REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES

2025 2024
Chief Executive Chief Executive
Executives Executives
Executive Directors ** Executive Directors **
---------------------------------- Rupees '000 ---------------------------------

Managerial remuneration * 128,544 30,612 1,028,811 110,795 27,938 778,799

Retirement benefits 9,137 - 73,208 7,387 - 51,784
Medical expenses - - - 513 - -
137,681 30,612 1,102,019 118,695 27,938 830,583
Number of persons 1 2 134 1 2 94

* This includes bonus, house rent, utilities and other allowances.

** The Board of Directors appointed Executive Directors, with effect from April 01, 2022.

37.1 The Chief Executive, directors and some executives have been provided free use of Company maintained cars,
residential telephones and club facilities.

37.2 During the year, an amount of Rs 4.00 million (2024: Rs 3.875 million) has been paid to non-executive directors
as fee for attending board and other meetings.

38 TRANSACTIONS AND BALANCES WITH ASSOCIATED UNDERTAKINGS / RELATED PARTIES

The associated undertakings / related parties comprise of associated companies, staff retirement funds and key
management personnel. The Company considers its Chief Executive Officer, Chief Financial Officer, Company
Secretary and directors as key management personnel. Transactions carried out with associated undertakings /
related parties during the year, not disclosed elsewhere in the financial statements are as follows:

With associated undertakings / related parties: 2025 2024

------(Rupees in ‘000)------
Sales 1,204,750 478,040
Purchases 99,908,715 69,464,814
Insurance premium 305,529 187,203
Agency commission 220,167 25,498
Running royalty 236,513 1,742,439
Return on bank deposits and Term Deposit Receipts 135,896 1,356,122
Proceeds from disposal of operating fixed assets / insurance claim 312 5,237
Supervisor fee 18,978 -
Bank charges 173,883 75,752
Annual subscription 2,500 2,500
LC charges 66,525 45,433

With key management personnel:

Salaries and benefits 204,159 181,324
Post employment benefits 13,711 11,376

Annual Report 2025 313

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

38.1 Contribution to and accruals in respect of staff retirement benefits are made in accordance with actuarial
valuations / terms of contribution plan as disclosed in the respective notes to these financial statements.

38.2 The status of outstanding balances with associated undertakings / related parties as at June 30, 2025 are
included in the respective notes to the financial statements.

38.3 The names of related parties (other than those that have been specifically disclosed elsewhere in these financial
statements) with whom the Company has entered into transactions or had agreements / arrangements in place
during the year are as follows:

Basis of relationship

Common Name Percentage of Particulars of Common director(s)

directorship shareholding
(%)

Shabbir Tiles & Ceramics

Nil Mr Imran A. Habib
Limited
Cherat Cement Company
Nil Mr Asif Qadir
Limited
Mr Imran A. Habib and
Thal Limited 6.22
Mr Mohamedali R. Habib
Habib Insurance Company
0.031 Mr Muhammad H. Habib
Limited
Mr Muhammad H. Habib and
Habib Education Trust Nil
Mr Mohamedali R. Habib being trustees

Mr Muhammad H. Habib, Mr Mohamedali R.

Habib University Foundation Nil
Habib and Mr Asif Qadir being trustees
Habib Metropolitan Bank Mr Muhammad H. Habib and
Nil
Limited Mr Mohamedali R. Habib
Overseas Investor Chamber Mr Ali Asghar Jamali
Nil
of Commerce & Industry (Member Managing committee)

Pakistan Business Council Nil Mr Muhammad H. Habib

Pakistan Automotive
Nil Mr Ali Asghar Jamali
Manufacturers Association

StarchPack Pvt Limited Nil Mr Riyaz T. Chinoy

Unicol Limited Nil Mr Asif Qadir

Pakistan Japan
Nil Shinji Yanagi
Business Forum

314
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Group Companies Name Percentage of Relationship with the Country of
shareholding Company Incorporation
(%)

Toyota Motor Corporation 25.00 Associated Company Japan

Toyota Tsusho Corporation 12.50 ---------- do ---------- Japan

Toyota Motor Asia Pacific Subsidiary of Toyota

Nil Singapore
PTE. Limited Tsusho Corporation

P.T. Toyota Tsusho Indonesia Nil ---------- do ---------- Indonesia

Toyota Tsusho (Thailand)

Nil ---------- do ---------- Thailand
Company Limited
Toyota Tsusho (Malaysia)
Nil ---------- do ---------- Malaysia
SDN BHD
Toyotsu Machinery
Nil ---------- do ---------- Japan
Corporation

Toyota Motor Asia Thailand

Nil ---------- do ---------- Thailand
Co., Ltd.

Toyota Tsusho Asia Pacific

Nil ---------- do ---------- Singapore
PTE. Limited
Toyota Tsusho M&E
Nil ---------- do ---------- Thailand
(Thailand) PTE. Limited

Toyota Tsusho M&E China Nil ---------- do ---------- China

Hinopak Motors Limited Nil ---------- do ---------- Pakistan

Key Management Name Percentage of Relationship with the Company

Personnel shareholding
(%)

Mr. Ali Asghar Jamali 0.048 Chief Executive Officer

Mr. Mohammad Ibadullah Nil Chief Financial Officer

Mr. Muhammad Arif Anzer Nil Company Secretary

Mr. Mohamedali R. Habib 0.165 Director

Mr. Shinji Yanagi Nil Director

Mr. Muhammad H. Habib 0.049 Director

Mr. Akihiro Murakami Nil Director

Mr. Shigeki Furuya Nil Director

Mr. Imran A. Habib 0.0016 Director

Mr. Giri Venkatesh Nil Director

Mr. Asif Qadir 0.0006 Director

Mr. Riyaz T. Chinoy 0.0006 Director

Syeda Tatheer Zehra
0.0006 Director
Hamdani

Annual Report 2025 315

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Post Employment Name Percentage of Relationship with the Company
Plan shareholding
(%)
Company’s Employees
Nil Post Employment Contributory Plan
Provident Fund

Company's Employees
Nil Post Employment Benefit Plan
Pension Fund

2025 2024
------(Number of units)------
39 PLANT CAPACITY AND PRODUCTION

Capacity based on double shift basis 76,000 66,000

Production 33,251 19,599

The capacity has been calculated based on average normal working hours in a year, whereas actual production
may vary in response to market demand.

2025 2024

40 NUMBER OF EMPLOYEES ------(Number of staff)------

Total number of employees as at June 30 2,089 2,579

Average number of employees during the year 2,343 2,817

41 FINANCIAL INSTRUMENTS BY CATEGORY

------------------As at June 30, 2025----------------
Fair value
Amortised
through Total
cost
profit or loss
Financial assets
-------------------(Rupees in ‘000)------------------
- Loans and advances 151,631 - 151,631
- Long-term deposits 12,273 - 12,273
- Trade debts - unsecured 9,913,463 - 9,913,463
- Accrued return 34,688 - 34,688
- Other receivables 627,797 - 627,797
- Investments 12,000,000 104,863,133 116,863,133
- Cash and bank balances 5,397,774 - 5,397,774
28,137,626 104,863,133 133,000,759

--------As at June 30, 2025----

Financial
liabilities at Total
amortised
Financial liabilities cost
----------(Rupees in ‘000)-----
- Long-term loan 199,912 199,912
- Unclaimed dividend 337,656 337,656
- Unpaid dividend 246,910 246,910
- Trade and other payables 44,309,415 44,309,415
45,093,893 45,093,893

316
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
------------------As at June 30, 2024----------------
Fair value
Amortised
through Total
cost
profit or loss
Financial assets -------------------(Rupees in ‘000)------------------

- Loans and advances 123,206 - 123,206

- Long-term deposits 10,020 - 10,020
- Trade debts - unsecured 5,993,138 - 5,993,138
- Other receivables 370,045 - 370,045
- Investments - 76,540,835 76,540,835
- Cash and bank balances 7,240,410 - 7,240,410
13,736,819 76,540,835 90,277,654

--------As at June 30, 2024----

Financial
liabilities at Total
amortised
cost
Financial liabilities ----------(Rupees in ‘000)-----
- Long-term loan 239,895 239,895
- Unclaimed dividend 295,064 295,064
- Unpaid dividend 115,429 115,429
- Trade and other payables 34,456,309 34,456,309
35,106,697 35,106,697

42 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s activities expose it to certain financial risks. Such financial risks emanate from various factors that
include, but are not limited to market risk, credit risk and liquidity risk.

The Company currently finances its operations mainly through equity and management of working capital with
a view to maintain an appropriate mix between various sources of finance to minimise risk. The Company’s risk
management policies and objectives are as follows:

42.1 Credit risk exposure and concentration of credit risk

Credit risk represents the risk of a loss if the counter party fails to discharge its obligation and causes the other
party to incur a financial loss. The Company attempts to control credit risk by monitoring credit exposures, limiting
transactions with specific counterparties and continually assessing the creditworthiness of counterparties.

Concentration of credit risk arises when a number of counterparties are engaged in similar business activities
or have similar economic features that would cause their ability to meet contractual obligations to be similarly
affected by changes in economic, political or other conditions. Concentration of credit risk indicates the relative
sensitivity of the Company’s performance to developments affecting a particular industry.

Credit risk arises from investments (except for the investments in Government securities) and balances with
banks and financial institutions, as well as credit exposures to customers, employees including trade debts,
other receivables and committed transactions with the group companies. Out of the total financial assets of Rs
133,000.759 million (2024: Rs 90,277.654 million), the financial assets which are subject to credit risk amounted
to Rs 65,246.036 million (2024: Rs 61,559.401 million), including trade receivables from government agencies.

Out of the total trade debts amounting to Rs 9,913.462 million (2024: Rs 5,993.138 million), an amount of Rs
950.274 million (2024: Rs 37.307 million) relates to direct customers.

Annual Report 2025 317

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

Out of the total bank balance and TDRs of Rs 17,383.401 million (2024: Rs 7,221.446 million) placed with banks,
amounts aggregating to Rs 6,896.692 million (2024: Rs 3,983.077 million) have been placed with banks having
credit rating of AAA, whereas the remaining amounts are placed with banks having long term minimum credit
rating of AA+.

Due to the Company’s long standing business relationships with its counterparties and after giving due
consideration to their strong financial standing, management does not expect non–performance by these
counter parties on their obligations to the Company.

For trade debts, internal risk assessment process determines the credit quality of each customer, taking into
account their financial position, past experience and other factors. Individual risk limits are set based on internal
or external ratings in accordance with limits set by the management. The utilisation of credit limits is regularly
monitored. Accordingly, the management believes that the credit risk is minimal and in the opinion of the
management, the Company is not exposed to major concentration of credit risk.

42.2 Liquidity risk

Liquidity risk is the risk that the Company will be unable to meet its funding requirements. To guard against this
risk, the Company has diversified funding sources and assets are managed with liquidity in mind, maintaining a
healthy balance of cash and cash equivalents. The maturity profile of trade debts is monitored to ensure adequate
liquidity is maintained. The management forecasts the liquidity of the Company on the basis of expected cash
outflows considering the level of liquid assets necessary to meet such outflows.

The maturity profile of the Company’s liability based on contractual maturities is disclosed in note 42.3.2 to these
financial statements.

42.3 Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises of three types of risks: currency risk, interest rate risk and other
price risk.

42.3.1 Currency risk

Foreign currency risk arises mainly where receivables and payables exist due to transactions entered into in
foreign currencies. The Company manages its exposure against foreign currency risk by entering into foreign
exchange contracts where considered necessary.

Foreign currency risk arises mainly where receivables and payables exist due to transactions entered into in foreign
currencies. The Company primarily has foreign currency exposures in US Dollars (USD), Japanese Yen (JPY), Thai
Bhat (THB) and Singapore Dollars (SGD). The net foreign currency exposure at June 30, 2025 is USD 32.293
million (2024: USD 23.044 million), JPY 15.167 million (2024: JPY 775.966 million), THB 30.080 million (2024: THB
24.351 million) and SGD 0.193 million (2024: SGD 0.348 million).

42.3.2 Interest rate risk

Interest / mark-up rate risk is the risk that the value of a financial instrument will fluctuate due to changes in
the market interest / mark-up rates. Sensitivity to interest / mark-up rate risk arises from mismatches of financial
assets and financial liabilities that mature or reprice in a given period. The Company manages these mismatches
through risk management strategies where significant changes in gap position can be adjusted. The Company is
exposed to interest / mark-up rate risk in respect of the following:

318
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
-----------------------------------------------------------------2025-----------------------------------------------------------------

Interest / mark-up bearing Non-interest / mark-up bearing Total

Effective
Maturity Maturity Maturity Maturity
interest / June 30,
upto one after one Sub-total upto one after one Sub-total
mark-up rate 2025
year year year year
On statement of financial % ---------------------------------------------- (Rupees in ‘000) ---------------------------------------------------
position financial instruments

Financial assets
Loans and advances - - - - 79,376 72,255 151,631 151,631
Long-term deposits - - - - - 12,273 12,273 12,273
Trade debts - - - - 9,913,463 - 9,913,463 9,913,463
Accrued Return - - - - 34,688 - 34,688 34,688
Other receivables - - - - 627,797 - 627,797 627,797
Investments 10.88-18.05 67,740,350 - 67,740,350 49,122,783 - 49,122,783 116,863,133
Cash and bank balances 5.87-9.5 5,233,070 - 5,233,070 164,704 - 164,704 5,397,774
72,973,420 - 72,973,420 59,942,811 84,528 60,027,339 133,000,759
Financial liabilities
Long-term loan 3.25 - 4.25 39,983 159,929 199,912 - - - 199,912
Unclaimed dividend - - - - 337,656 - 337,656 337,656
Unpaid dividend - - - - 246,910 - 246,910 246,910
Trade and other payables - - - - 44,309,415 - 44,309,415 44,309,415
39,983 159,929 199,912 44,893,981 - 44,893,981 45,093,893

-----------------------------------------------------------------2024-----------------------------------------------------------------

Interest / mark-up bearing Non-interest / mark-up bearing Total

Effective
Maturity Maturity Maturity Maturity
interest / June 30,
upto one after one Sub-total upto one after one Sub-total
mark-up rate 2024
year year year year

On statement of financial % ---------------------------------------------- (Rupees in ‘000) ---------------------------------------------------

position financial instruments

Financial assets
Loans and advances 0.00-3.50 (7,390) 85,462 78,072 45,134 - 45,134 123,206
Long-term deposits - - - - - 10,020 10,020 10,020
Trade debts - - - - 5,993,138 - 5,993,138 5,993,138
Accrued Return - - - - - - - -
Other receivables - - - - 370,045 - 370,045 370,045
Investments 18.85-21.66 28,699,289 - 28,699,289 47,841,546 - 47,841,546 76,540,835
Cash and bank balances 11.01-20.5 7,219,706 - 7,219,706 20,704 - 20,704 7,240,410
35,911,605 85,462 35,997,067 54,270,567 10,020 54,280,587 90,277,654
Financial liabilities
Long-term loan 3.25 - 4.25 39,983 199,912 239,895 - - - 239,895
Unclaimed dividend - - - - 295,064 - 295,064 295,064
Unpaid dividend - - - - 115,429 - 115,429 115,429
Trade and other payables - - - - 34,456,309 - 34,456,309 34,456,309
39,983 199,912 239,895 34,866,802 - 34,866,802 35,106,697

a) Sensitivity analysis of variable rate instruments

As at June 30, 2025, the Company holds market treasury bills which are classified as financial assets at fair value
through profit or loss’ exposing the Company to fair value interest rate risk. In case of 100 basis points increase /
decrease in rates announced by the Financial Markets Association of Pakistan for market treasury bills and with
all other variables held constant, the net profit before tax for the year of the Company would have been lower /
higher by Rs 557.404 million.

b) Sensitivity analysis of fixed rate instruments

Fixed rate instruments comprise of balances with banks and loans to employees. The income from these financial
assets are substantially independent of changes in market interest rates except for changes, if any, as a result
of fluctuation in respective fair values. The Company’s income from these financial assets does not have any fair
value impact.

Annual Report 2025 319

NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

42.3.3 Price risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of
changes in market prices (other than those arising from interest rate risk or currency risk) whether those changes
are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar
financial instruments traded in the market.

42.3.4 Fair value of financial instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Consequently, differences may arise between the carrying
value and the fair value estimates.

The Company classifies fair value measurements using a fair value hierarchy that reflects the significance of the
inputs used in making the measurements.

Fair value hierarchy

The table below analyses financial instruments carried at fair value by valuation method. The different levels have
been defined as follows:

- quoted prices (unadjusted) in active markets for identical assets or liabilities (level1);

- inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly or indirectly (level 2); and

- inputs for the asset or liability that are not based on observable market data (level 3).

The level in the fair value hierarchy within which the fair value measurement of a financial instrument is
categorised in its entirety shall be determined on the basis of the lowest level input that is significant to the fair
value measurement of that financial instrument.
--------- As at June 30, 2025 -------- --------- As at June 30, 2024 --------
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
-------------------------------- Rupees '000 --------------------------------
Financial assets ‘at fair value
through profit or loss
Listed Mutual Fund Units - 49,122,783 - - 47,841,546 -
Government securities - Market
Treasury Bills - 55,740,350 - - 28,699,289 -

42.3.5 Valuation techniques used in determination of fair values within level 1 and level 2.

Debt Securities

The fair value of Federal Government securities is determined using the prices / rates available on Mutual Funds
Association of Pakistan (MUFAP).

Units of mutual fund

The fair values of investments in units of mutual funds are determined based on their net asset values as published
at the close of each business day.

Derivatives

The fair valuation techniques include forward pricing and swap models using the present value calculations.

320
NOTES TO AND FORMING PART
OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025

42.3.6 During the year ended June 30, 2025, there were no transfers between level 1 and level 2 fair value measurements,
and no transfers into and out of level 3 fair value measurements.

43 SHARIA COMPLIANCE DISCLOSURE

Sharia
Note Conventional Total
Compliant
June 30, 2025 ----------------- (Rupees in ‘000)-----------------
Statement of financial position

Short term investments 15 109,342,438 7,520,695 116,863,133

Cash and bank balances 16 5,273,359 124,415 5,397,774
Statement of profit or loss
Total income from financial assets 31 12,973,997 393,714 13,367,711

44 CAPITAL RISK MANAGEMENT

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as
a going concern in order to provide returns for shareholders and benefits for other stakeholders and to
maintain an optimal capital structure to reduce the cost of capital. The Company is currently financing its
operations primarily through equity and working capital. The Company has no material gearing risk in the
current year nor any in the prior year.

45 NON-ADJUSTING EVENT AFTER THE STATEMENT OF FINANCIAL POSITION DATE

The Board of Directors in its meeting held on August 28, 2025 has proposed a cash dividend in respect of
the year ended June 30, 2025 of Rs 50 (2024: cash dividend of Rs 43) per share. This is in addition to the
interim cash dividend of Rs 126 (2024: Rs 71.7) per share resulting in a total dividend for the year of Rs 176
(2024: Rs 114.7) per share. The Directors have also announced appropriation of Rs 9,000 million (2024: Rs
6,500 million) to general reserve. These appropriations will be approved in the forthcoming Annual General
Meeting. The financial statements for the year ended June 30, 2025 do not include the effect of these
appropriations which will be accounted for in the financial statements for the year ending June 30, 2026.

46 GENERAL

46.1 Figures in these financial statements have been rounded off to the nearest thousand rupee unless otherwise
stated.

46.2 Corresponding figures and balances have been rearranged and / or reclassified, where considered
necessary, for the purpose of better comparison and presentation, the effects of which are not material.

47 DATE OF AUTHORISATION

These financial statements were authorised for issue on August 28, 2025 by the Board of Directors of the
Company. The directors have the power to amend and re-issue the financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

Annual Report 2025 321

PATTERN OF
SHAREHOLDING
AS AT JUNE 30, 2025

Number of
Shareholdings’ Slab Total Shares Held
Shareholders

2273 1 to 100 70,134

2193 101 to 500 921,999
277 501 to 1000 234,439
319 1001 to 5000 737,267
51 5001 to 10000 356,920
20 10001 to 15000 246,203
9 15001 to 20000 157,732
6 20001 to 25000 138,154
9 25001 to 30000 251,715
5 30001 to 35000 168,618
12 35001 to 40000 455,807
2 40001 to 45000 85,600
1 45001 to 50000 48,500
2 50001 to 55000 102,505
2 55001 to 60000 115,383
1 60001 to 65000 63,070
1 75001 to 80000 79,532
1 85001 to 90000 86,434
1 90001 to 95000 91,870
1 95001 to 100000 100,000
1 100001 to 105000 101,000
1 105001 to 110000 105,415
1 115001 to 120000 117,530
1 125001 to 130000 130,000
4 255001 to 260000 1,032,667
2 265001 to 270000 538,633
1 270001 to 275000 272,384
1 410001 to 415000 413,707
1 520001 to 525000 524,212
1 595001 to 600000 600,000
1 1205001 to 1210000 1,205,793
1 1325001 to 1330000 1,327,670
1 1745001 to 1750000 1,748,281
1 4220001 to 4225000 4,223,096
1 4885001 to 4890000 4,890,000
1 9820001 to 9825000 9,825,000
1 19645001 to 19650000 19,650,000
1 27375001 to 28000000 27,382,730

5,208 78,600,000

322
PATTERN OF
SHAREHOLDING
AS AT JUNE 30, 2025

Category wise
Number of Category wise
Categories of Shareholders No. of Folios/ Percentage
Shares held Shares Held
CDC Accounts
Directors and their spouse(s) and minor children 8 240,197 0.31%
MOHAMEDALI R. HABIB 130,000
MUHAMMAD H. HABIB 38,400
IMRAN ALI HABIB 12,346
ALI ASGHAR JAMALI 38,000
ASIF QADIR 500
RIYAZ T. CHINOY 500
SYEDA TATHEER ZEHRA HAMDANI 500
FARAH FATIMA HABIB W/O MUHAMMAD H. HABIB 19,951

Associated Companies, undertakings and related parties 2 4,914,015 6.25%

THAL LIMITED 4,890,000
HABIB INSURANCE COMPANY LIMITED 24,015

Executives 12,056 4 12,056 0.02%

Public Sector Companies & Corporations (ICP/NIT)

INVESTMENT CORPORATION OF PAKISTAN 2,200 2 119,730 0.15%
CDC- TRUSTEE NATIONAL INVESTMENT (UNIT) TRUST 117,530

Banks Development Financial Institutions, Non Banking

1,841,139 4 1,841,139 2.34%
Financial Institutions.
Insurance Companies 4,354,846 4 4,354,846 5.54%
Modarabas and Mutual Funds 11 143,366 0.18%
CDC-TRUSTEE MCB PAKISTAN STOCK MARKET FUND 45,000
CDC-TRUSTEE PAKISTAN CAPITAL MARKET FUND 3,700
CDC-TRUSTEE AKD INDEX TRACKER FUND 4,609
CDC-TRUSTEE NBP STOCK FUND 16,280
CDC-TRUSTEE MCB PAKISTAN ASSET ALLOCATION FUND 4,000
CDC-TRUSTEE NIT-EQUITY MARKET OPPORTUNITY FUND 51,720
CDC-TRUSTEE LAKSON EQUITY FUND 3,285
CDC-TRUSTEE AWT STOCK FUND 1,700
CDC-TRUSTEE NITPF EQUITY SUB-FUND 1,500
CDC-TRUSTEE LAKSON TACTICAL FUND 172
CDC-TRUSTEE GOLDEN ARROW STOCK FUND 11,400

Foreign Investors/Companies
(holding 5% or more voting interest) 25 61,309,762 78.00%
TOYOTA TSUSHO CORPORATION 9,825,000
TOYOTA MOTOR CORPORATION 19,650,000
OVERSEAS PAKISTAN INVESTORS AG 27,382,730

General Public 4,165,569 5.30%

a. Local 3,927,664 4,604
b. Foreign 237,905 477

Others 1,499,320 67 1,499,320 1.91%

Totals 5,208 78,600,000 100.00%

Annual Report 2025 323

NOTICE OF ANNUAL
GENERAL MEETING
Notice is hereby given that the 36th Annual General Meeting (AGM) of INDUS MOTOR COMPANY
LIMITED (the Company) will be held on Thursday, October 9, 2025 at 9 a.m., at the Institute of Chartered
Accountants of Pakistan (ICAP), Chartered Accountants Avenue, Block 8, Clifton, Karachi to transact the
following business. The shareholders may also attend the AGM via video link facility.

ORDINARY BUSINESS

1. To receive, consider and adopt the Annual Audited Financial Statements of the Company for the
year ended June 30, 2025, together with the Auditors’ and Directors’ Reports thereon and the Review
Report of the Chairman. As required under Section 223(7) of the Companies Act 2017, the Financial
Statements of the Company have been uploaded on the Website of the Company which can be
downloaded from the QR enabled code and Weblink in the Notes.

2. To approve cash dividend (2024-2025) on the ordinary shares of the Company. The directors have
recommended a Final Cash dividend at 500% i.e. Rs 50 per share. This is in addition to the combined
Interim Dividend of 1260% i.e. Rs. 126 per share, already paid. The total dividend for 2024-2025 will
thus amount to 1760% i.e. Rs. 176 per share.

3. To appoint auditors and fix their remuneration for the year ending June 30, 2026. The present auditors
M/s. A.F. Ferguson & Co., Chartered Accountants, retire and being eligible have offered themselves
for re-appointment.

4. To transact any other ordinary business of the Company with the permission of the Chairman.

By order of the Board

Karachi. Muhammad Arif Anzer

August 28, 2025 Company Secretary

NOTES:

1. Circulation of Annual Report through QR Code and Weblink:

In accordance with Section 223(6) of the Companies Act, 2017 and SECP S.R.O. No. 389(I)/2023
dated March 21, 2023, the annual audited financial statements of the Company have been uploaded
on the website of the Company which can be accessed using the following QR enabled code and
Weblink.

Weblink : [Link]

2. Participation in the AGM proceeding via the video conference facility:

Shareholders interested in attending the meeting through video conferencing are requested to email
the following information with the subject “Registration for Annual General Meeting,” alongwith
valid copy of their CNIC to [Link]@[Link]. Video link and login credentials will
be shared with ONLY those Members, whose email, containing particulars (i.e. Name, Folio No,
CNIC No. / NTN) is received from official Email ID, at least 48 hours before the AGM. Shareholders
may also provide their comments and questions for the agenda items of the AGM in their email for
registration.

324
3. Closure of Member Register and Share Transfer Books:

The Share Transfer Books of the Company will be closed from October 3, 2025 to October 9, 2025
(both days inclusive) for the purpose of the AGM and payment of the Final Cash dividend. Transfer
requests received by CDC Share Registrar Services Limited, CDC House, 99-B, Block “B”, S.M.C.H.S.,
Main Shahrah-e-Faisal, Karachi-74400. Tel: 0800-23275, UAN: 111-111-500, Email: info@[Link]
at the close of business on October 2, 2025 will be treated in time for the purpose of determining
above entitlement to the transferees for payment of final dividend and to attend the AGM.

4. For Attending the Meeting:

In case of individuals, the Account Holders or sub-account holders and/or the persons whose
securities are in group account and their registration details are uploaded as per the Regulations,
shall authenticate their identity by showing original CNIC or original passport at the time of attending
the meeting. In the case of a corporate entity, the Board of Directors’ Resolution/Power of Attorney
with the specimen signature of the nominee shall be produced (if it has not been provided earlier)
at the time of attending the meeting.

5. Proxy:

A member entitled to attend and vote at this General Meeting is entitled to appoint a Proxy to attend,
speak and vote in his place at the Meeting. A ‘Proxy Form’ appointing a proxy must be deposited at
the Registered Office of the Company, at least 48 hours before the time of the meeting, alongwith
copy of CNIC of Proxy. In case of corporate entity, the Board of Directors’ resolution / power of
attorney with specimen signature of the nominee alongwith his/her copy of CNIC shall be provided
atleast 48 hours before the time of the meeting. The Form of Proxy in English and Urdu is attached
in the Annual Report and should be witnessed by two persons whose names, addresses and CNIC
Numbers should be mentioned on the Forms. The Form of Proxy is also available on the Company’s
website ([Link]).

6. Updating of particulars:

The Shareholders are requested to promptly notify change in their address, if any, to the Company’s
Share Registrar. In case of Corporate entity, the shareholders are requested to promptly notify
change in their particulars of their authorized representative, if applicable.

7. Submission of copies of valid CNIC not provided earlier:

Individual Shareholders are once again reminded to submit a copy of their valid CNIC, if not
provided earlier to the Company’s Share Registrar. In case of non-availability of a valid copy of the
Shareholders’ CNIC in the records of the Company, the company shall withhold the Dividend under
the provisions of Section 243 of the Companies Act ,2017.

8. Withholding Tax on Dividend:

Currently, the deduction of withholding tax on the amount of dividend paid by the companies under
section 150 of the Income Tax Ordinance, 2001, are as under:

(a) For Persons appearing in Active Tax Payer list (ATL): 15%

(b) For Persons not appearing in Active Tax Payer list (ATL): 30%

Shareholders who have filed their Return are advised to make sure that their names are entered into
latest Active Tax Payers List (ATL) provided on the website of FBR at the time of dividend payment,
otherwise they shall be treated as persons not appearing in ATL and tax will be deducted at the rate
of 30%, instead of 15%.

9. Withholding tax on Dividend in case of Joint Account Holders:

In order to enable the Company to follow the directives of the regulators to determine shareholding
ratio of the Joint Account Holder(s) (where shareholding has not been determined by the Principal
shareholder) for deduction of withholding tax on dividend of the Company, shareholders are
requested to please furnish the shareholding ratio details of themselves as Principal shareholder
and their Joint Holders, to the Company’s Share Registrar, enabling the Company to compute
withholding tax of each shareholder accordingly. The required information must reach the Company’s
Share Registrar by October 2, 2025, otherwise each shareholder will be assumed to have equal
proportion of shares and the tax will be deducted accordingly.

Annual Report 2025 325

10. Payment of Cash Dividend Electronically (E-mandate):

In accordance with the provisions of section 242 of the Companies Act, 2017 and Companies
(Distribution of Dividend) Regulations, 2017, it is mandatory that dividend payable in cash, shall
only be paid through electronic mode directly into the bank account designated by the entitled
shareholder.

In compliance with the above provisions, the Company hereby again requests the shareholders to
provide details of their active bank mandate specifying: (i) title of account, (ii) account number, (iii)
IBAN number (iv) bank name and (v) branch name, code & address; to Company’s Share Registrar,
CDC Share Registrar Services Limited. Shareholders who hold shares with Participants / Central
Depository Company of Pakistan (CDC) are advised to provide the mandate to the concerned
Broker / CDC. In absence of the complete bank details, including IBAN mentioned above or inactive
bank account, the company shall withhold the Dividend under the provision of Section 243 of the
Companies Act, 2017. The “Electronic Dividend Mandate Form” in English and Urdu is attached in the
Annual Report and the same is also available on the Company’s website ([Link]).

11. Conversion of Physical Shares into Book-Entry Form (i.e. CDC Account):

Section 72 of the Companies Act, 2017, requires all listed companies to replace the shares held in
physical form with the shares to be issued in Book-Entry Form (i.e. CDC Account) within four (4) years
from the date of the promulgation of the Companies Act 2017. Pursuant to the SECP letter No. CSD/
ED/Misc./2016-639-640 dated March 26, 2021, the Company is following up with all shareholders
holding shares in physical form with the request to convert their shares in Book-Entry Form (i.e. CDC
Account) in order to comply with the provisions of the Companies Act, 2017. Shareholders are again
requested to contact the Company’s Share Registrar to understand and complete the process of
conversion of shares held in physical form, into the Book-Entry Form.

12. Electronic transmission of Annual Report 2025

In compliance with section 223(6) of the Act, the Company has electronically transmitted the Annual
Report 2025 through email to Shareholders whose email addresses are available with the Company’s
Share Registrar, M/s. CDC Share Registrar Services Limited. In those cases, where email addresses
are not available with the Company’s Share Registrar, printed notices of AGM along with the weblink
and QR enabled code to download the said Annual Report have been dispatched. However, the
Company will provide hard copies of the Annual Report to any member on their demand, at their
registered address, free of cost, within one week of receiving such request. The Annual Report of the
Company for the year ended June 30, 2025 is also available on the Company’s website ([Link]-
[Link]).

13. Restriction on Distribution of Gifts:

In accordance with the directive issued by the SECP Vide SRO 452(I)/2025 dated 17th March 2025 the
Company would like to inform all the shareholders that no gifts will be distributed at the AGM.

326
 ‫‪٩‬۔رتشمہکاھکےتداروںیکوصرتںیمڈویڈنڈنرپودوہڈلگنسکیٹ‬
‫صصحایاگتفنےسذگارشیکاجیتےہہکوہرپلپسنصصحایہتفےکوطررپاینپاوراےنپرتشمہکاھکےتداروںیکصصحاییگتفےکانتبسیکالیصفتترفامہرکںیاتہکینپمکڈویڈنڈنےسسکیٹیکوٹکیتےئلیک‬
‫رتشمہکاھکےتداروںیکصصحاییگتفےکانتبسےکنیعتےئلیک(اسوصرتںیمبجصصحاییگتفےکانتبساکنیعترپلپسنصصحایہتفےنہنایکوہ)روگیرٹیلزیکدہاایتیکلیمعترکےکساور‬
‫اسےکاطمقبرہصصحایہتفےکودوہڈلگنسکیٹاکاسحباگلایاجےکس۔الیصفتتینپمکےکرئیشررٹسجاروک‪ 2‬اوتکرب ‪2025‬کتوموصلوہاجاناچےیہوصبرتدرگیہیامنایلاجےئاگہکرہصصح‬
‫ایہتفےکاپساسمویرشحںیمصصحوموجدںیہاورایساسحبےسسکیٹاہنمایکاجےئاگ۔‬

‫‪١٠‬۔ارٹکیلاکنوطررپدقنانمعفیکادایگیئ(ایڈنیمٹی)‬
‫ل ش�� � �‬
‫زینپمکاٹکی‪2017‬ےکنشکیس ‪242‬اورزینپمک(ڈویڈیڈنیکمیسقت)روگی �ز ‪2017‬یکقشےکاطمقبہیالزیمےہہکدقنںیماداوہےنواےلانمعفوکرصفارٹکیلاکنرطہقیاکرےسرباہراتسہقلعتم‬
‫رئیشوہڈلرےکنیعتمرکدہکنیبااکؤٹنںیملقتنمایکاجےئاگ۔‬

‫ذموکرہابالوقشںیکلیمعتےئلیکامتمصصحایاگتفنےساکیابررھپدروخاتسےہہکوہاےنپہقلعتمکنیبااکؤٹنیکالیصفتتسجںیم(‪)١‬اٹلٹئآفااکؤٹن‪)٢ (،‬ااکؤٹنربمن‪IBAN )٣ ( ،‬ربمن‪)٤ ( ،‬‬

‫کنیباکانم‪)٥(،‬رباچناکانماور( ‪)٦‬ومابلئربمن‪،‬وکڈاورہتپینپمکرئیشررٹسجاررسوزسڈٹیملیسڈییسےکاپسعمجرکاںیئ۔رٹنیسلڈاپیزرٹیینپمکآفاپاتسکن(یسڈییس)ںیمصصحرےنھکواےل‬
‫ک �‬
‫رئیش وہڈلرز وک وشمرہ دای اجات ےہ ہک وہ ہقلعتم ربورک‪ /‬یس ڈی یس وک دہاتی رفامہ رکںی۔ کنیبیک لمکم الیصفتت ومشبل ‪ IBAN‬یک دعم رفایمہ یک وصرت ںیم م�پ� ی�زا اٹکی ‪2017‬ےک نشکیس ‪243‬‬
‫ےک تحت ینپمک ڈویڈیڈن روک ےل یگ۔ ارٹکیلاکن ڈویڈیڈن ڈنیمٹی افرم اشلگن اور اردو زابن ںیم اسالہن روپرٹ ےک رمہاہ فل ںیہ اور ہی افرم ینپمک یک وبی اسٹیئ )‪([Link]‬‬

‫رپیھبدایتسبںیہ۔‬

‫‪١١‬۔زیفلکیرئیشیککبارٹنی( ‪ CDC‬ااکوٹن)افرمںیمیلقتنم‬
‫��‬
‫زینپمکاٹکی‪2017‬ےکنشکیس ‪72‬ےکتحتامتملس��ڈوینپمکںےئلیکرضوریےہہکوہزینپمکاٹکی ‪2017‬ےکافنذیکاترخیےساچراسلےکادنرزیفلکیرئیشزوککبارٹنیافرمںیملقتنمرکںی۔اسیای‬
‫یس یپ یک رطف ےس اجری رکدہ رماہلس ربمن ‪CSD/ED/Misc/2016-639-640‬‬
‫‪ 12312312121321321321231321‬اتبرخی ‪ 26‬امرچ ‪2021‬یکلیمعتںیمامتمرئیش وہڈلرزےسدروخاتسیکاجیتےہہکوہاےنپ‬
‫زیفلکیرئیشوککبارٹنیافرمںیملقتنمرکںیاتہکزینپمکاٹکی‪2017‬یکوقشںیکلیمعتوہ۔رئیشوہڈلرززیفلکیرئیشیککبارٹنیافرمںیمیلقتنمےکلمعوکےنھجمساوراسےکوفادئےکابرےںیم‬
‫اجےنےئلیکینپمکےکرئیشررٹسجارےسراہطبرکےتکسںیہ۔‬

‫‪١٢‬۔ایلیمےکذرےعیاسالہنروپرٹاوراالجوسںےکونسٹیکمیسقت(اایتخری)‬
‫زینپمکاٹکی‪2017‬ےکنشکیس)‪223(6‬ےکتحتوینپمکںوکااجزتدیےہہکآڈرٹیروپرٹ‪،‬ڈارئرٹکیاجزئہروپرٹوریغہ(اسالہنروپرٹ)اوراےیجامیےکاسالہنونسٹےکاسھتامایلیتوگوشارے‬
‫� �‬
‫ونزسٹرپٹندشہلکشںیمےجیھبےئگ‬
‫رئیشوہڈلرزےکایلیمرپیجیھباجےئ۔اےسیاعمالمتںیماہجںایلیمےتپینپمکےکرئیشررٹسجارےکاپسدایتسبںیہنںیہ‪،‬واہںاسالہنرنجلگنٹیمےک ز‬
‫ںیہ‪ ،‬نج ےک اسھت وبی کنل اور ویک آر وکڈ اشلم ےہ اتہک ہقلعتم )‪(AGM‬‬
‫‪221321‬اسالہنروپرٹوکڈاؤنولڈایکاجےکساتمہ‪،‬ینپمکیسکیھبرنکیکدروخاتسرپاسالہنروپرٹیکاہرڈاکیپانےکررٹسجڈ‬
‫ےتپ رپ الب اعموہض اکی ےتفہ ےک ادنر رفامہ رکے یگ۔‪30‬وجن ‪2025‬وک متخ وہےن واےل اسل ےئلیک ینپمک یک اسالہن روپرٹ ینپمک یک وبی اسٹئ )‪([Link]‬‬
‫رپیھب دایتسب ےہ۔‪2‬‬

‫‪١٣‬۔احتفئیکمیسقترپاپدنبی‬
‫اسی ای یس یپ یک رطف ےس اجری رکدہ دہاتی انہم ‪SRO 452(I)/2025‬‬
‫‪1213213213212313‬ومرہخ ‪17‬امرچ ‪2025‬ےکاطمقبینپمکامتمرئیشوہڈلرزوکعلطمرکاناچیتہےہہکاالجساعمںیموکیئاحتفئمیسقت‬
‫ںیہنےیکاجںیئےگ۔‬

‫‪Annual Report 2025 327‬‬

 ‫ئ ��‬
‫رئیشوہڈلرزررٹسجنشیےئلیکیجیھباجےنوایلایلیمںیماےیجامیےکاڈنجیےآ��م�زےئلیکاینپآراءاوروساالتیھبرفامہرکےتکسںیہ۔‬

‫‪٣‬۔رئیشرٹارفسناتکوبںاکدنبوہان‬
‫اسالہناالجساعماوریمتحڈویڈیڈنیکادایگیئےکدصقمےسینپمکےک"ااقتنلصصح"ےکاھکےت ‪ 3‬اوتکرب ‪2025‬ات ‪ 9‬ا وتکرب ‪(2025‬ومشبلدوونںدن)دنبرںیہےگ۔نجاراکنیکااقتنلصصحیک‬
‫دروخاںیتسیسڈییسرئیشررٹسجار رپ‪ 2‬اوتکرب ‪2025‬وکاکروابردنبوہےنکتوموصلوہاجںیئیگ‪،‬انوکیمتحڈویڈیڈنےکوصحلاوراسالہناالجساعمںیمرشتکاکااقحتسقاحلصوہاگ۔‬

‫‪٤‬۔االجسںیمرشتکےئلیک‬
‫ارفنادیوصرتںیماھکہتدارایذیلیاھکہتدارایوہصخشسجیکرگوپاھکہتںیموکیسرزیٹعمجوہںاوراسیکررٹسجنشییکالیصفتترشاطئےکاطمقباپولڈیکیئگوہں‪،‬االجسںیمرشتکےکوتق‬
‫انشتخےکدصقمےئلیکاانپالصانشیتخاکرڈایالصاپوپسرٹشیپرکانوہاگ۔‬

‫اکروابریادارےیکوصرتںیموبرڈآفڈارئرٹکیزیکرقارداداتخمرانہمومنہندطختسانزمدرنک(ارگاسےسلبقرفامہںیہنیکںیئگ)االجسےکوتقشیپرکےنوہںےگ‬

‫‪٥‬۔رپایسک‬
‫اسالہناالجساعمںیمرشتکاورراےئدیہاکااقحتسقرےنھکواالوکیئیھبرنکاےنپوعضگنٹیمںیمرشتکرکےن‪،‬وبےنلاورراےئدیہےئلیکیسکامندنئےوکرقمررکاتکسےہ۔ویعیضےکومرثوہےنےئلیک‬
‫االطعانہمہعمبرپایسکےکانشیتخاکرڈیکلقنینپمکےکررٹسجارآسفںیماالجسرشوعوہےنےسےلہپمکازمک‪48‬ےٹنھگےلہپوموصلوہاناچےیہیسکاکروابریادارےیکامندنئیگیکوصرتںیم‬
‫وبرڈآفڈارئرٹکیزیکرقارداد‪/‬اتخمرانہمہعمبانزمدرفدےکدطختسےکومنےنوانشیتخاکرڈیکوقنل‪،‬االجسرشوعوہےنےس‪48‬ےٹنھگلبقرفامہرکانالزیموہاگ۔رپایسکافرماردواوراشلگندوونں‬
‫زابونںںیماسالہنروپرٹےکاسھتکلسنمںیہ۔افرمرپدوارفادیکوگایہالزیمےہنجےکانم‪،‬ہتپاورانشیتخاکرڈربمنافرمرپالزیمدرجوہاناچےیہ۔رپایسکافرمینپمکیکوبیاسٹیئ‬
‫)‪ ([Link]‬رپیھبدایتسبےہ۔‬

‫‪٦‬۔وکافئیکدبتیلی‬
‫صصحایاگتفنےسدروخاتسےہہکاےنپررٹسجڈڈاکےکےتپںیمیسکدبتیلیےکقلعتمینپمکےکرئیشررٹسجاراکروابریادارےیکوصرتںیمرئیشوہڈلرزےسدروخاتسےہہکاےنپاجمزامندنئے‬
‫ےکوکربوتقعلطمرکدںی۔وکافئںیمیسکدبتیلیےسقلعتمعلطمرکںی‪،‬ارگاقلباالطقوہ۔‬

‫‪٧‬۔انشیتخاکرڈیکاکرآدموقنلیکرفایمہ(ےلہپرفامہہنیکیئگوہوت)‬
‫ارفنادیصصحایاگتفنوکاکیابررھپانشیتخاکرڈیکلقن‪،‬ارگےلہپعمجہنرکایئوہوت‪،‬ینپمکےکرئیشررٹسجارںیمعمجرکاےنیکایداہینرکایئاجیتےہ۔ینپمکاےنپراکیرڈںیمیسکصخایہتفےکانشیتخاکرڈیکاکر‬
‫آدملقنیکدعمداتیسیبیکوصرتںیمزینپمکاٹکی‪2017‬ےکنشکیس‪243‬ےکتحتڈویڈیڈنروکےلیگ۔‬

‫‪٨‬۔ڈویڈیڈنرپ �ودوہڈلگنسکیٹ‬
‫�‬
‫��‬
‫امکنسکیٹآرڈ ی �ی�س‪2001‬ےکنشکیس ‪150‬ںیمزینپمکیکاجبنےسڈویڈیڈنیکادایگیئرپودوہڈلگنسکیٹیکوٹکیتےئلیکدرجذلیرشوحںاکنیعتایکایگےہ۔‬

‫)‪15% (ATL‬‬ ‫وہارفادوجاوٹکیسکیٹددنہاگنیکاعفلرہفتس ںیماشلمںیہ‬ ‫(افل)‬

‫وہ ارفاد وج اوٹکیسکیٹ ددنہاگن یک اعفل رہفتس ںیم اشلم ںیہن ںیہ )‪30% (ATL‬‬ ‫(ب)‬

‫‪23132135‬عمج رکا دےی ںیہ۔ ان ےس ذگارش ےہ ہک وہ اس ابت وک ینیقی انبںیئ ہک ان اک انم احہیل اعفل سکیٹ ددنہاگن یک رہفتس )‪(ATL‬‬
‫‪31210‬ںیمافییبآریک‬ ‫وہ رئیش وہڈلرز وہنجں ےن وگوشارے )‪(Return‬‬

‫)‪ (ATL‬ںیماشلمںیہن‬
‫وبی اسٹیئ رپ وموجد رہفتس ںیم انمعف یک ادایگیئ ےک وتقاشلم ےہ‪ ،‬وصبرت درگی وہ ان ارفاد ےک وطر رپ ےھجمس اجںیئ ےگ نج ےک انم اعفل سکیٹ ددنہاگن یک رہفتس ‪31210‬‬
‫ےہاورانےکدقنانمعفںیمےس‪15‬دصیفیکہگج ‪30‬دصیفیکرشحےسسکیٹاکٹایلاجےئاگ۔‬

‫‪328‬‬
 ‫ونسٹرباےئاسالہناالجساعم‬
‫� �� � � �‬
‫احلمذہاوکعلطمایکاجاتےہہکاڈنسومرٹینپمکڈٹیملاک‪36‬واںاسالہناالجساعم ‪ 9‬اوتکرب ‪2025‬ربوزرعمجاتحبص ‪ 9‬ےجب‪،‬ایٹسنویٹٹآفاچررٹڈااکؤ ��سآفاپاتسکن(آیئیساےیپ)‪،‬اچررٹڈ‬
‫� �� � � �‬
‫ااکؤ ��ساویوین‪ ،‬البک‪،88‬نٹفلک‪،‬رکایچ‪،‬ںیمدنمرہجذلیاکروابریاومریکااجنمدیہےئلیکدقعنموہاگ۔رئیشوہڈلرزوڈیویاکرفنسنیکوہستلےکذرےعییھباالجسںیمرشتکرکےتکسںیہ۔‬
‫‪B‬‬

‫ومعیماکروابر‬
‫ا۔‪30‬وجن ‪2025‬وکااتتخمذپریامیلاسلےئلیکینپمکےکاسالہنآڈٹدشہامایلیتوگوشارےہعمبرئیچنیماجزئہروپرٹ‪،‬ڈارئرٹکیزاورآڈرٹیزروپرٹیکووصیل‪،‬وغراوروظنمری۔ زینپمکاٹکی ‪2017‬ےک‬
‫‪223.‬وکڈےسڈاؤنولڈایکاجاتکسےہ۔‬
‫نشکیس )‪223 (7‬ےک تحتینپمک ےک امایلیت وگوشارے ینپمک یک وبی اسٹیئ رپ اپ ولڈ رک دےی ےئگ ںیہ ںیہنج ونسٹ ںیم وبی کنل اور ‪QR‬‬

‫‪٢‬۔ینپمکےکاعمصصحرپدقنانمعف(‪)2024-2025‬یکوظنمری۔ڈارئرٹکیزےنیمتحدقنانمعف‪500‬دصیفینعییفصصح‪50‬روےپیکافسرشیکےہ۔ہی‪1260‬دصیفرتشمہکوبعری‬
‫انمعفینعی‪126‬روےپیفصصحوجےلہپیہاداایکاجاکچےہ‪،‬ےکالعوہےہ۔اسرطح‪2024-2025‬ےئلیکومجمیعوطررپ‪1760‬دصیفینعی‪176‬روےپیفصصحانمعفوہاگ۔‬

‫��� � � �‬
‫‪،512321678910123456789‬اچررٹااکو ��سےن‬
‫‪٣‬۔ ‪30‬وجن‪2026‬وکمتخوہےنواےلامیلاسلےئلیکآڈرٹیزیکرقتریاورانےکاعموےضاکنیعت۔وموجدہآڈرٹیز ‪M/s A.F. Ferguson & Co‬‬
‫دمتاعمدہہمتخوہےنےکدعباوراتیلہیکانبرپوخدوکدوابرہرقتریےئلیکشیپایکےہ۔‬

‫‪٤‬۔رئیچنیمیکااجزتےسینپمکےکدرگیومعیماکروابریاعمالمت۔‬

‫مکحبوبرڈ‬

‫دمحماعرفارظن‪2123123123122132132123132123113123131231313213132132132132123025‬رکایچ‬
‫ینپمکرکیسرٹی‪2823123123123132132132123132123113123131231313213132132132132123025‬اتسگ ‪2025‬‬

‫ونسٹ‬
‫ا۔‪ QR‬وکڈاوروبیکنلےکذرےعیاسالہنروپرٹیکدایتسیب۔‬
‫زینپمکاٹکی‪2017‬ےکنشکیس‪223‬ےکاطمقباوراسیاییسیپےکاسیآراو ‪389 (1) 2023‬اترخی‪21‬امرچ‪2023‬یکلیمعتںیمینپمکےکاسالہنوگوشاروںوکینپمکیکوبی‬
‫اسٹیرپاپولڈرکدایایگےہ‪،‬سجیکراسیدنمرہجذلیویکآروکڈاوروبیکنلےکذرےعیاحلصیکاجیتکسےہ۔‬

‫وبیکنل‬
‫‪[Link]

‫‪٢‬۔وڈیویاکرفنسنیکوہستلےکذرےعیاسالہناالجساعمںیمرشتک‬
‫رئیشوہڈلرزوجوڈیویاکرفنسنےکذرےعیاسالہناالجساعمںیمرشتکےکوخادنمشہںیہوہرباہرکماتزہانشیتخاکرڈےکونعانےسایلیمےکذرےعیعمجہعمبدنمرہجذلیولعمامت‬
‫‪11321321321212121211121231321231‬رپ ‪Registration for Annual General Meeting‬‬
‫‪12312313213213212313212312121212121121‬ےکونعانےسایلیمےکذرےعیعمج‬ ‫‪[Link]@[Link]‬‬

‫رکاںیئ۔وڈیویاکرفنسناککنلاورالگانرکےنیکالیصفتترصفایہنارانیکوکاراسلیکاجںیئیگنجیکولعمامت(ینعیانم‪,‬وفویلربمن‪,‬یہانیآیئیسربمن‪/‬انییٹانی)اے‬
‫یجامیےکااقعندےس‪48‬ےٹنھگلبقآلشیفایلیمآیئڈیےسوموصلوہںیگ۔‬

‫‪Annual Report 2025 329‬‬

 ‫امہآرپگنٹیاورامایلیتڈاٹی‬
‫امہآرپگنٹیاورامایلیتڈاٹیاساسالہنروپرٹےکہحفص‪92‬ےس‪93‬رپدایایگےہ۔‬

‫یساویسیجےکاسھتلیمعتاکایبن‬
‫ل� ش ��‬ ‫��‬
‫ینپمکےنلس��ڈزینپمک(اکروپرٹیوگرسنناکاضہطب)روگی ی���ز‪2019‬یکامتمرضورایتیکلمکملیمعتیکےہ۔اسوحاےلےسایبناسروپرٹےکاسھتہحفص‪266‬اور‬
‫‪265‬رپکلسنمےہ۔‬

‫رئیچنیمیکرطفےساجزئہروپرٹ‬
‫ینپمکےکڈارئرٹکیزرئیچنیمےکاجزئےےکومادیکوتقیثرکےتںیہ‪،‬وجینپمکیکومجمیعاکررکدیگ‪،‬لبقتسمےکااکمانتاوروبرڈیکاکررکدیگواافدتیرپینبمےہ۔‬

‫ااہظررکشت‬
‫مہاےنپاصرنیفےکوکشمرںیہہکاوہنںےنامہرےونصماعترپلسلسماامتعدایک۔مہاڈنسومرٹینپمکیکوپریمیٹومشبلہلمع‪،‬وڈنیرز‪،‬ڈرلیزاورامتمزبسناپررنٹزیک‬
‫انلکشماحالتںیماکھتنتنحماکارتعافرکےتںیہاورانیکلسلسمامحتیےکرظتنمںیہ۔‬

‫مہاہللاعتٰیلےکوضحردجسہرزیںیہاوراسیکرتمحاوررامنہیئےکاگبلطرںیہ۔‬

‫رکایچ‬

‫ا‪28‬اتسگ‪2025‬‬

‫ش�‬
‫�‬ ‫��‬
‫ج‬
‫یلعارغصامجیل‪ ........................1122121..........1212122221212122121........1212121212122121..‬یایانیگ‬
‫فیچازگیوٹکی ‪......12121111121212122121..........1212122221212122121........1212121212122121.‬واسئرئیچنیم‬

‫‪330‬‬
 ‫دخاشتاکدتارک‬
‫امییسےنرکسٹنمجنیماکاباضہطبرفمیورکانبایےہاتہکایسیساوراعمیشاموحلےکانترظںیمدرشیپرطخاتاکادنازہاگلایاجےکس۔رکسٹنمجنیممٹسس‬‫آیئ �‬
‫ارٹس�ی� ی�� جک‪،‬روگیرٹیلی‪،‬امایلیت‪،‬آرپلنشی‪،‬اسھکاوراپدیئاریےسقلعتمرطخاتیکاشندنیہرکاتےہوجآیئامییسیکاکروابریرسرگویمںےسڑجےںیہ۔ہیرطخات‬
‫ٹنمجنیمیٹیمکیکاجبنےسامکحمیتاقمدص‪،‬ادہافاوراکررکدیگےکاسھتاجزئہےیلاجےتںیہ۔انمبسِتمکحِایلمعںایتراورانذفیکاجیتںیہاتہکانرطخاتےک‬
‫ارثاتوکمکےسمکایکاجےکس۔‬

‫ینپمکےنوٹویاٹےکاعیملاوصولںرپینبمرکسٹنمجنیماکڈاھہچنیھبانبایےہاتہکاکروابریکرتیقوکینیقیانبےتوہےئرطخاتوکانمبسوطررپمظنمایکاجےکس۔‬

‫امایلیتوگوشاروں‬
‫��‬‫�‬
‫امایلیتوگوشاروںیکایتری یییماڑنلنشینانفلشنروپرگنٹ یڑنٹیسز(آیافآراسی)وجاپاتسکن یییماقلباالطیقےہاورزینپمکاٹکی‪2017‬یکداعفتاورااکحامترپلمع‬
‫درآرمایکایگ۔زینپمکاٹکی‪2017‬یکداعفتاورااکحامتآیافآراسیےسفلتخمںیہرھپیھبزینپمکاٹکی‪ 2017‬ےکتحتاجریرکدہداعفتاورااکحامترپلمع‬
‫درآدمایکایگےہ۔‬
‫��� � � �‬
‫ینپمکےکآڈرٹیز‪،‬رسمزاےافیرفوگنساڈنیینپمک‪،‬اچررٹڈااکؤ ��سےنینپمکےکامایلیتایبانتاکآڈٹایکاورارانیکوکریغبیسکرشطےکروپرٹاجرییک۔‬

‫ہقلعتمرفوقیںےکاسھتنیلدنی‬
‫ہقلعتمرفوقیںےکاسھتامتمنیلرفنیقیےکارفنادیوفادئےکاوصلرپاوراکروابرےکومعملےکاطمقبےیکےئگںیہ‪،‬ںیہنجامایلیتایبانتےکہقلعتمونسٹںیماظرہ‬
‫ایکایگےہ۔‬

‫امدیدبتایلیںاورودعے‬
‫امیلاسلےکااتتخماورروپرٹیکاترخیےکدرایمنینپمکیکامیلتیثیحرپارثڈاےنلوایلوکیئڑبیدبتیلیایودعہںیہنوہا‪،‬وساےئانےکوجامایلیتایبانتایاسروپرٹ‬
‫ںیماظرہےیکےئگںیہ۔‬

‫آڈرٹیزیکرقتری‬
‫��� � � �‬
‫وموجدہآڈرٹیز‪،‬رسمزاےافیرفوگنساڈنیینپمک‪،‬اچررٹڈااکؤ ��سدکبسوشوہرےہںیہاوردوابرہرقتریےکالہںیہ۔ڈارئرٹکیزآڈٹیٹیمکیکافسرشیکوتقیث‬
‫رکےتںیہہکرسمزاےافیرفوگنساڈنیینپمکوک‪30‬وجن‪2026‬وکمتخوہےنواےلاسلےکےیلدوابرہآڈرٹیرقمرایکاجےئ۔‬

‫رئیشوہڈلگناکرطہقیاکر‬
‫ا‪ 30‬وجن‪2025‬وکینپمکےکرئیشوہڈلگناکرٹیپنہحفص‪322‬ےس‪323‬رپدایایگےہ۔‬

‫ینپمکےکصصحیکرخدیورفوتخ‬
‫رشکیایحتایانابغلوچبںےنینپمکےکصصحیکوکیئرخدیورفوتخںیہنیک‪،‬‬
‫ا‪30‬وجن ‪2025‬وکمتخوہےنواےلاسلےکدورانڈارئرٹکیز‪،‬ازگیوٹکیز‪،‬انےک ِ‬
‫وساےئاسےکوجرئیشوہڈلگنےکرٹیپنںیماظرہیکیئگےہ۔‬

‫‪Annual Report 2025 331‬‬

 ‫‪ 1‬۔وبرڈآڈٹاوررکسیٹیمک‬
‫‪ 1‬۔انجبآفصاقدر(رئیچنیم)‬
‫‪ 2‬۔انجبرایضیٹ‪.‬انچےئ‬
‫‪ 3‬۔انجبدمحماچی‪.‬بیبح‬
‫یلع شبیبح‬‫‪ 4‬۔انجبرمعان ��ک �‬
‫‪ 5‬۔انجبریگیو � س‬
‫ی‬ ‫�‬

‫‪ 2‬۔وبرڈویہنمروسیرزساوراعموہضیٹیمک‬
‫‪ 1‬۔رتحمہمدیسہریہطتزرہہدمحاین(رئیچرپنس)‬
‫‪ 2‬۔انجبدمحمیلعآر‪.‬بیبح‬
‫رایضیٹ‪.‬انچےئ‬ ‫‪ 3‬۔انجب ش �‬
‫�‬ ‫��‬
‫‪ 4‬۔انجب ج یایانیگ‬
‫‪ 5‬۔انجبیلعارغصامجیل‬
‫ت‬
‫ک‬‫ھ‬ ‫� ی�‬
‫‪ 3‬۔وبرڈا سیٹیمک‬
‫‪ 1‬۔انجبرایضیٹ‪.‬انچےئ(رئیچنیم)‬
‫‪ 2‬۔رتحمہمدیسہریہطتزرہہدمحاین‬
‫‪ 3‬۔انجبیلعارغصامجیل‬

‫اننازگیوٹکیڈارئرٹکیزےکےیلاعموہضاپیسیلیکامنایںوصخایصت‬
‫وبرڈاننازگیوٹکیڈارئرٹکیز(ومشبلآزادڈارئرٹکیز)یکیتمیقدخامتوکمیلسترکاتےہاوریفااحللرہوبرڈاالجسایاسیکیٹیمکںیمرشتکاورومشتیلےکےیلسیفادایکاج‬
‫ریہےہ‪،‬وجانیکدخامتاکاعموہضںیہنہکلبضحمرکشہیےکوطررپےہ۔اننازگیوٹکیڈارئرٹکیزاسسیفےکوصحلےسدربتسداریھبوہےتکسںیہ۔‬

‫ازگیوٹکیڈارئرٹکیزاکاعموہض‬
‫���� ی��م � �‬
‫سےکونٹ‪313‬ںیمدییئگےہ۔‬ ‫�‬ ‫�‬ ‫ینپمکےکیسایاواورازگیوٹکیڈارئرٹکیزیک‪30‬وجن‪2025‬وکمتخوہےنواےلاسلاکاعموہضانفلشنا‬

‫یفنصوخنتاہےکرفقاکایبن‬
‫ا‪30‬وجن‪2025‬وکمتخوہےنواےلاسلےکےیلاوطسیفنصوخنتاہاکرفقاوراوطسیفنصوخنتاہاکرفقابرتلبیت‪(3.4%‬وجن ‪)5.5% :2024‬اور ‪9.1%‬‬
‫(وجن‪)11.4% :2024‬ےہ۔‬

‫ادنروینرٹنکول‬
‫ینپمکےنادنروینرٹنکولاکاکیؤمرثاظنمانذفایکےہاتہکینپمکاکاکروابرمظنمرطےقیےساجریرےہ‪،‬ااثےثوفحمظرںیہاورراکیرڈزیکدریگتساوراابتعرینیقیانبایاجےکس۔‬
‫ااظتنہیمیکرگنایناوراجزئہاساظنماکاینبدیہصحےہ۔یلیصفتاجچناوروصخیصاجزئےاکاکمدایلخآڈرٹیزیکمیٹوکوساپنایگےہ۔‬

‫وبرڈادنروینرٹنکولرسرگویمںیکومزوتینوکرباہراتسایاینپویٹیمکںےکذرےعیینیقیانباتےہ۔وبرڈاباقدعیگےسینپمکےکامایلیتآرپزنشیاورتیثیحاکاجزئہاتیلےہ‪،‬‬
‫سجںیموبعریااکؤسٹن‪،‬روپرسٹ‪،‬انمعفاکزجتہیاوردرگیامیلوامشراییتولعمامتاشلمںیہ۔ٹجبرٹنکولےکزجتےیاکاظنمیھبوموجدےہاوروبرڈامنایںرفقاکاجزئہ‬
‫واضوتحںاورااھٹےئےئگادقاامتےکاسھتوًاتقوفًاتقاتیلےہ۔‬

‫‪332‬‬
 ‫وبرڈیکلیکشت‬
‫ا‪30‬وجن‪2025‬کتینپمکےکوبرڈآفڈارئرٹکیزیکلیکشتدرجذلیےہ۔‬
‫‪ )1‬ڈارئرٹکیزیک للُکدعتاد‪10‬ےہوجدرجذلیںیہ‪:‬‬
‫رمد(ہعمبفیچازگیوٹکی)‪09:‬‬ ‫وخانیت‪01:‬‬

‫ک �‬
‫‪ )2‬ہقلعتم ی�� �ززیےکتحتڈارئرٹکیزیکدعتاددرجذلیےہ‪:‬‬
‫گ‬
‫ی‬ ‫�‬
‫آزادڈارئرٹکیزومشبلاکیاخوتنڈارئرٹکی‪03 :‬‬
‫اننازگیوٹکیڈارئرٹکیز‪04:‬‬
‫ازگیوٹکیڈارئرٹکیز‪03:‬‬

‫وبرڈآفڈارئرٹکیزےکاالجس‬
‫مکیوجالیئ ‪2024‬ےس‪30‬وجن‪2025‬کتےکابرہامہےکدورانوبرڈآفڈارئرٹکیزےک ل‬
‫لُکاپچن(‪)5‬االجسوہےئ۔ڈارئرٹکیز(اسلےکیسکیھبوتق)ےکانم‬
‫اورانیکاالجوسںںیماحرضیدرجذلیےہ‬

‫االجسںیمرشتک‬ ‫ڈارئرٹکیزےکانم‬ ‫ربمنامشر‬

‫انجبدمحمیلعآر‪.‬بیبح(رئیچنیم)‬
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‫‪5‬‬ ‫‪1‬‬
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‫‪5‬‬ ‫ج‬
‫انجب یایانیگ(واسئرئیچنیم)‬ ‫‪2‬‬

‫‪5‬‬ ‫انجبیلعارغصامجیل(یسایاو)‬ ‫‪3‬‬

‫‪5‬‬ ‫انجبرایضیٹ‪.‬انچےئ(آزادڈارئرٹکی)‬ ‫‪4‬‬

‫‪5‬‬ ‫انجبآفصاقدر(آزادڈارئرٹکی)‬ ‫‪5‬‬

‫‪5‬‬ ‫انجبرمعاناے‪.‬بیبح(ڈارئرٹکی)‬ ‫‪6‬‬

‫انجبدمحماچی‪.‬بیبح(ڈارئرٹکی)‬
‫��ک��� ش‬
‫‪5‬‬ ‫‪7‬‬

‫‪5‬‬ ‫انجب شآیکریہورماکیم‪/‬رٹسمریگیو یس‬ ‫‪8‬‬

‫�� �‬
‫‪5‬‬ ‫انجب یگ�یکی لرُفزوای(ڈارئرٹکی)‬ ‫‪9‬‬

‫‪5‬‬ ‫رتحمہمدیسہریہطتزرہہدمحاین(آزادڈارئرٹکی)‬ ‫‪10‬‬

‫ڈارئرٹکیزںیمدبتیلی‬
‫وبرڈآفڈارئرٹکیزےن‪27‬رفوری‪2025‬ےسرٹسمآیکریہورماکیمےکاٰیفعتسےکدعبرٹسمریگیویٹکنشوکوبرڈآفڈارئرٹکیزاکربممرقمرایک۔وبرڈرٹسمرماکیمیک‬
‫یتمیقدخامترپدیلرکشتاکااہظررکاتےہاورےئنڈارئرٹکیوکوخشآدمدیاتہکےہ۔‬

‫وبرڈیکایٹیمکں‬
‫وبرڈےندرجذلیایٹیمکںلیکشتدیںیہاورربممانیکالیصفتتدرجذلیںیہ‬

‫‪Annual Report 2025 333‬‬

 ‫اکروپرٹیامسیجذہمدارایں(یساسیآر)‬
‫اکیامسیجوطررپذہمدارادارےےکوطررپ‪،‬ینپمکےنزگہتشھچاسولںںیمفلتخمرسرگویمں(یساسیآر)رپومجمیعوطررپ‪1‬اربروےپےسزایدہیکرشاتکدارایں‬
‫ںیک‪،‬نجںیمااتپسولں‪،‬یمیلعتاداروں‪،‬الفیحومیظنتںوکایطعتاشلمںیہ‪،‬زینویمکیٹنیکرتہبیاورروڈیٹفیسیھباشلمںیہ۔‬

‫اسلےکدوران‪،‬ینپمکےندرجذلیامہیساسیآررسرگایمںاورایطعتےیکںیہ‪:‬‬

‫تحصیکدھکیاھبلےکےیلفلتخمااتپسولںاورہقلعتمافؤڈنزنشیوک‪70‬نیلمروےپصتخمےیکےئگںیہ۔‬
‫رقتًابیفلتخمیمیلعتاداروںوک‪35‬نیلمروےپیکومجمیعرمقاکہیطعاجریےیکےئگںیہ۔‬
‫دربمس ‪2018‬ےسابکتکلمرھبںیمومجمیعوطررپ‪920,000‬ےسزادئوپدےینپمکےک''نیلمرٹیالپنشیٹنرپورگام''ےکتحتاگلےئےئگ۔‬
‫آنالنئرشتکرکےنواےلابلطءاورونوجانابوغلںےکےیل’’وٹویاٹ‪15‬ساموحایلیتظفحتاکرپورگام"۔‬
‫ینپمکیکاعموتنےسراضمناوردرگیوماعقرپرقیبیداہیوتںےکمکرمااعتایہتفاخدناونںںیمرانشمیسقتایکایگ۔‬
‫ینپمکیکاعموتنےسرقیبیداہیوتںںیمہتفہوارتفماکپوہااھکانمیسقتایکایگ۔‬
‫ینپمکیکاعموتنےسرقیبیداہیوتںںیمہتفہوارتفمیبطاوردنپرہروزہایسفنیتسپمیکاکااقعند۔‬

‫اموحایلیتارثات‬
‫م�� �‬
‫ینپمکےکاپساپاتسکنںیمبسےسڑبےتھچرپبصنوسرلوفوٹووکٹلالپسٹنںیمےساکیےہ۔''وٹویاٹاونارئ �لجنلیچ‪''2050‬ےکاطمقب‪،‬ینپمکرگنیاہؤس‬
‫زسیگ(یجاچییج)ےکارخاجوکمکرکےناوروتاانیئےکازتماجوکرتہبانبےنےکےیلزبسانکیٹولزیجاانپےنیکوکششرکریہےہ۔آناسٹئوفوٹووکٹلانکیٹولیجبصن‬
‫ک� پ�� ی �‬
‫ی‬
‫یکیئگےہاتہکروایتیذراعئےسوتاانیئےکاامعتسلوکمکایکاجےکساوررگنیارنیجاکانتبسڑباھایاجےکس۔آناسٹئوسرلاپوریکومجمیعااٹسنڈل س�یرقتًابی ‪6.6‬‬
‫اگیمواٹےہوجامہریوتاانیئےکازتماجںیم‪25‬دصیفےسزایدہہصحڈالریہےہ۔ینپمکاینپوسرلاپوریکالصتیحڑباھےنےکےیلرپزعمےہ۔ادنازہےہہکامہراوسرل‬
‫الپٹناسالہن‪2,500‬نٹےسزایدہاکرنبٹفرپٹنمکرکےنںیمدمددےراہےہ‪،‬وموجدہمجحیکاینبدرپ‪،‬اوروتاانیئیکالتگںیمیمکںیمیھبہصحڈالراہےہ۔ینپمک‬
‫یسافییس‪12-‬ےکاجبےئاکرارئیڈنکگننشیمٹسسںیماموحلدوتسسیگار‪ 134-‬اےاکاامعتسلاجریرےھکوہےئےہ۔‬

‫ینپمکےناموحایلیترسرگویمںوکاےنپامتماکروابریرشاتکداروں‪،‬ومشبلالپسرئزاورکلمرھبےکڈرلیزکتوعیسایکےہاتہکاموحایلیتظفحتوکرفوغدایاجےکساور‬
‫امہرےاعیملاموحایلیتاقمدصاحلصےیکاجںیکس۔‬

‫اکروپرٹیوگرسنناکاضہطب‬
‫ل� ش ��‬ ‫��‬
‫ینپمکےکڈارئرٹکیزلس��ڈزینپمک(اکروپرٹیوگرسنناکاضہطب)روگی ی���ز‪2019‬اوراپاتسکنااٹسکاجنیچسکیےکرولکبےکتحتاینپذہمدارویںےسآاگہںیہ۔آپیک‬
‫ینپمکےنایھچاکروپرٹیوگرسننوکینیقیانبےناوراضےطبیکلمکملیمعتےکےیلامتمرضوریادقاامتےیکںیہاورمہدرجذلییکدصتقیرکےتںیہ‪:‬‬

‫ینپمکےکااظتنہیمیکاجبنےسایتررکدہامایلیتایبانتینپمکیکامیلتیثیح‪،‬آرپزنشیےکاتنجئ‪،‬شیکولفاوراوکییٹئںیمدبتویلیںوکدرتسرطےقیےسشیپرکےتںیہ‬
‫ینپمکیکانمبسااکؤسٹنیکاتکںیباقوننےکاقتوضںےکاطمقبربرقارریھکیئگںیہ‬
‫فیچازگیوٹکیاورفیچانفلشنآرسیفےنوبرڈیکوظنمریےسلبقامایلیتایبانتیکاباضہطبوطررپوتقیثیکےہ‬
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‫امایلیتایبانتیکایتریںیمومزوںااکؤگنٹناپل�ی��ی�زوکلسلسمالوگایکایگےہاورااکؤگنٹنےکےنیمختوقعملاوراتحمطےلصیفرپینبمںیہ‬
‫اپاتسکنںیماقِلباالطقارٹنلنشینانفلشنروپرگنٹایعمراتیکاپدسارییکیئگےہاورارگاسےسوکیئارحنافوہاےہوتاےسانمبسوطررپااشفاورواحضایکایگےہ‬
‫ادنروینرٹنکولاکاظنمڈزیانئںیمؤمرثےہاوراےسؤمرثرطےقیےسانذفاورامرٹینایکایگےہ‬
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‫وگگنِیرسنکناجریرےنہیکالصتیحرپوکیئامہاہبشتوموجدںیہنںیہ‬ ‫ینپمکیکوطبر ِی‬
‫رئیشوہڈلگنےکرٹیپناکایبناساسالہنروپرٹاکہصحانبایایگےہ؛اورکلسنماداروںاورہقلعتمارفادےکزریِتیکلمصصحاکایبنیھبدحیلعہوطررپاظرہایکایگےہ۔‬

‫‪334‬‬
 ‫ینپمکیکاینبدیرسرگایمں‬
‫اڈنسومرٹینپمکڈٹیمل(ینپمک)وکاپاتسکنںیمدربمس‪ 1989‬ںیموطبرکلبپڈٹیملینپمکاشلمایکایگاوریئم ‪1993‬ںیماجتریتدیپاواراکآاغزایک۔ینپمکےکصصح‬
‫�‬
‫اپاتسکنااٹسکاجنیچسکیرپدرجںیہ۔ینپمکیکاینبدیرسرگیماپاتسکنںیموٹویاٹاگڑویںیکاسم�جل�گ‪،‬رتیقدنسپاہنونیمرچکیفگناورامرگنٹیکےہ۔‬

‫ینپمکیکاکررکدیگ‬
‫اڈنسومرٹینپمکےناسل‪30‬وجن ‪ 2025‬وکمتخوہےنواےلاسلےکدورانوبضمطاکررکدیگیکروپرٹدی‪،‬سجںیمیسےکڈیاوریسیبویویسٹنیکلکرفوتخ‬
‫‪60%‬ڑبھرک ‪33,757‬ویسٹنکتچنہپیئگوجزگہتشاسلیکایسدمتںیم ‪21,063‬ویسٹنیھت۔ینپمکےناقمیمآوٹوموٹرٹکیسںیمرقتًابی‪14.6%‬امرٹیکرئیش‬
‫ربرقارراھک۔اگڑویںیکدیپاوار‪70%‬ااضہفےسرقتابیدوینگوہرک‪33,251‬ویسٹنوہیئگ‪،‬وجےلھچپاسل‪19,598‬ویسٹنریہیھت۔‬

‫اخصلرفوتخآدمن‪215.14‬اربروےپکتچنہپایگوجےلھچپاسلیکایسدمتںیم‪152.48‬اربروےپاھت۔دعبازسکیٹانمعفامنایںوطررپڑبھ‬
‫رک‪23.01‬اربروےپیکحطسرپآایگوجزگہتشاسل‪15.07‬اربروےپراہاھت۔رویویناورانمعفںیمااضہفاینبدیوطررپزایدہرفوتخےکمجح‪،‬اسزاگراجنیچسکیرٹییک‬
‫�‬
‫ریٹمزلیاکٹسںیمیمک‪،‬ؤمرثاکٹسرڈینشکادقاامتاوررپزہاجتایازجاءیکڑبیتھوہیئاقمیمایترییکوہجےسوہا۔زمدیربآں‪،‬رسامہیاکریاورکنیب‬‫ےس ی‬
‫وہجیسم � �‬
‫�پل�‬
‫��سرپانمعفیھبینپمکےکرپوافلئاکاکیڑباہصحرےہاوروموجدہاسلںیمانںیمیھبااضہفداھکیایگ۔‬

‫وقیمزخاےنںیمہصح‬
‫اسلےکدورانینپمکےنوقیمزخاےنںیم‪111‬اربروےپاکہصحڈاال‪،‬وجوکحِتماپاتسکنیکلکسکیٹآدمیناکرقتًابی‪1%‬ےہ۔ینپمکےک‪1989‬ںیمایقمےکدعبےس‬
‫ابکتومجمیعہصح‪891‬اربروےپےسزادئےہ۔‬

‫اینبدیرطخات‪،‬ریغینیقیوصراحتلاوراپدیئاریےسقلعتمرطخات‬
‫ینپمکیکومجمیعامیلاکررکدیگوموجدہاسلںیمرتہبوہیئےہ‪،‬وجاینبدیوطررپوٹویاٹایرسےکسیفٹفلامڈلاوررکوالرکاسیکیئناہربئڈارٹکیلکولکیہیکرفوتخ‪،‬اور‬
‫ومجمیعوطررپرتہباعمیشاحالتیکوہجےستعنصےکمجحںیمزجویااضےفرپینبمےہ۔ینپمکوکالتگںیمیمکےکادقاامت‪،‬اجاپیننیاورارمیکیڈارلےکاپاتسکینروےپ‬
‫�‬
‫ےکاقمےلبںیماسزاگرابتدولںےکاتنجئرپیھبتبثماتنجئےلم‪،‬سجےسانٹپ ی‬
‫ریٹمزلییکالتگمکوہیئ۔رکیسنےکااترڑچاھؤ‪،‬اگنہمیئاورنیباالوقایمومکڈیٹںیتمیق‬
‫ینپمکےکاکٹسارٹسرچکرپارثادنازوہےنواےلامہوعالمںیہ۔‬

‫ینپمکاباقدعیگےساپدیئاریےسقلعتمرطخاتاکاجزئہیتیلےہ‪،‬اخصوطررپاموحایلیت‪،‬امسیجاوروگرسنن(ایاسییج)وعالمرپ۔احہیلاجزئوںںیماموحایلیتدبتیلی‬
‫ےسقلعتمرطخات‪،‬ومشبلروگیرٹیلیدبتویلیںےکارثاترپزوردایایگےہ۔انرطخاتےسےنٹمنےکےیلینپمکیئکِتمکحِایلمعںاایتخررکیتےہ‪:‬‬

‫پ ی� �‬
‫زلنیپزیکبیصنت‪،‬سجےسریغاقِلبدجتدی‬ ‫رطخےیکروکاھتم‪:‬ینپمکےناقِلبدجتدیوتاانیئوصنموبںںیمرسامہیاکرییکےہ‪،‬ےسیجرٹکیفییکامعروتںرپوسرلاپور‬
‫وتاانیئرپااصحنرمکوہاتےہاوراکرنبٹفرپٹنںیمیمکآیتےہ۔‬

‫رگنایناوراڈیٹنمٹسج‪:‬ینپمکلسلسمرطخےےکوعالمیکرگناینرکیتےہاورانرطخاتوکؤمرثرطےقیےسمکرکےنےکےیلاینپِتمکحِویلمعںںیمدبتیلیرکیتےہ۔‬

‫اموحایلیتادقاامت‪:‬ینپمکےنرگنیاہؤسسیگےکارخاجوکمکرکےناوروتاانیئیکاکررکدیگڑباھےنےکادہافرقمرےیکںیہ‪،‬سجںیموسرلرپوٹکیجاکیدیلکیزج‬
‫ےہ۔ینپمکےناقمیموطررپایتررکدہاہربئڈارٹکیلکولکیہ(اچیایوی)یھباعتمرفرکایئےہ‪،‬وجمکارخاجاورزایدہادنینھاچبےنوایلاگڑیےہ۔‬

‫ینپمکوطلیدمیتدقراوراکیٹسوہڈلرےکاامتعدوکڑباھےنےکےیلفلتخمادقاامتےکذرےعیاپدیئاریےکرطخاتوکاھبنسےنلاورڈیایاڈنیآیئ(ونتع‪،‬اوکییٹیاور‬
‫ومشتیل)وکآےگڑباھےنےکےیلرپزعمےہ۔‬

‫‪Annual Report 2025 335‬‬

 ‫ڈارئرٹکیزیکروپرٹ‬
‫اڈنسومرٹینپمکڈٹیملےکڈارئرٹکیزوکہیروپرٹشیپرکےتوہےئوخیشوسحمسوہریہےہ‪،‬سجےکاسھتاسالہنآڈٹدشہامایلیتوگوشارےیھباشلمںیہ‪،‬‬
‫وج‪30‬وجن ‪2025‬وکمتخوہےنواےلامیلاسلےسقلعتمںیہ۔‬

‫ش ��‬ ‫��‬
‫ہیروپرٹزینپمکاٹکی ‪2017‬ءیکنشکیس ‪227‬اورلس��ڈزینپمک(وکڈآفاکروپرٹیوگرسنن)روگیل�ی���ز ‪2019‬ءےکاطمقبایتریکیئگےہاورینپمکےکرئیشوہڈلرز‬
‫وک‪36‬وںیاسالہناعماالجسںیمشیپیکاجےئیگوج ‪9‬اوتکرب ‪2025‬ءوکدقعنموہاگ۔‬

‫امیلاتنجئ‪،‬انمعفیکمیسقتاوردعبازاںارثات‪:‬‬
‫ا‪30‬وجن ‪2025‬وکمتخوہےنواےلاسلےکامیلاتنجئاورمیسقتدرجذلیںیہ‪:‬‬

‫‪2024‬‬ ‫‪2025‬‬
‫)‪(Rupees in ‘000‬‬

‫‪15,072,426‬‬ ‫‪23,009,659‬‬ ‫سکیٹےکدعبانمعف‬

‫)‪(875‬‬ ‫)‪(64‬‬ ‫درگیاجعم(اصقنن)‪-‬سکیٹےکدعب‬
‫‪856,962‬‬ ‫‪413,093‬‬ ‫اویسآیئاورریغصتخمانمعفےلھچپاسلےسالایایگ‬
‫‪15,928,513‬‬ ‫‪23,422,688‬‬

‫انمعفیکمیسقت‬
‫‪1,925,700‬‬ ‫‪3,065,400‬‬ ‫الہپوبعریڈویڈیڈن@‪ 390%‬ینعی ‪39.00‬روےپیفرئیش(‪245% :2024‬ینعی‪24.50‬روےپیفرئیش)‬

‫‪1,037,520‬‬ ‫‪2,908,200‬‬ ‫دورساوبعریڈویڈیڈن@ ‪ 370%‬ینعی ‪37.00‬روےپیفرئیش (‪132% :2024‬ینعی‪13.20‬روےپیفرئیش)‬

‫‪2,672,400‬‬ ‫‪3,930,000‬‬ ‫رسیتاوبعریڈویڈیڈن@ ‪ 500%‬ینعی‪ 50.00‬روےپیفرئیش(‪2024:340%‬ینعی‪34.00‬روےپیفرئیش)‬

‫‪5,635,620‬‬ ‫‪9,903,600‬‬

‫‪10,292,893‬‬ ‫‪13,519,088‬‬ ‫ریغانمبسانمعفاسلےکآرخںیمآےگڑباھایایگ‬

‫دعبازاںارثات‬
‫‪3,379,800‬‬ ‫‪3,930,000‬‬ ‫وجتزیرکدہیمتحانمعف@‪ 500%‬ینعی‪ 50.00‬روےپیفرئیش(‪ 2024:430%‬ینعی‪43.00‬روےپیفرئیش)‬

‫‪6,500,000‬‬ ‫‪9,000,000‬‬ ‫رنجلرزیروںیموجتزیرکدہیلقتنم‬

‫‪9,879,800‬‬ ‫‪12,930,000‬‬

‫‪191.76‬‬ ‫‪292.74‬‬ ‫اینبدیوولخمطیفصصحآدمین(روےپ)‬

‫‪336‬‬
 ‫رئیچنیمرویو‬
‫تعنصاوراپیسیلاکایسقوابسق‬ ‫زعزیرئیشوہڈلرز‪،‬‬

‫ارگہچتعنصیکاحبیلوحہلصازفاےہ‪،‬نکیلاضتمداپویسیلںےکرطخاتربرقارںیہ۔اامعتسلدشہ‬ ‫امیلاسل‪2024-25‬ءاپاتسکنیکتشیعماورامہریتعنصےکےئلاتحمطادیماکدوراھت۔ارگہچ‬
‫اگڑویںیکدرآدماتںیملسلسمااضہفرھگولیالصتیحیکاپدیئاریوکزمکوررکاتےہ‪،‬وجآجاینپ‬ ‫زجنلیچربرقاررےہ‪،‬وعیسرترکیمواانککماموحلااکحتسمےکااشرےیکاکعیسرکاتےہ‪،‬سجےس‬
‫بصنرکدہ‪500,000‬ویٹنالصتیحےکرصفاکیاہتیئےسزایدہرپاکمرکاتےہ۔المزوتمں‬ ‫آےنواےلاسولںےکےئلوبضمطاینبدیکادیمدیپاوہیتےہ۔‬
‫ےکظفحت‪،‬رسامہیاکریوکرابغرکےناورانکیٹولیجیکیلقتنمیکوحہلصازفایئرکےنےکےئل‪،‬مہ‬ ‫اپاتسکنےن‪2.7‬رٹنیلیروےپےکدنلبرتنیرپارمئیرسسلپےکاسھتاکیاتریخیامایلیتگنس‬
‫اپیسیلاسزوںرپزوردےتیںیہہکوہاکیوتمازندرآدمیاپیسیلربرقاررںیھکوجاصرنیفوک‬ ‫لیماحلصایک‪،‬ارفاطزرربوسںیکمکرتنیحطسرپآایگ‪،‬اورروہیپوعیسامیپےنرپمکحتسمراہ۔اسےک‬
‫ااختنبشیپرکےتوہےئاقمیمونیمرچکیفگنےکلبقتسمیکافحتظرکے۔‬ ‫اسھتاسھتریغیکلمزرابمدہلےکذاخرئںیمیھبلسلسمااضہفوہاسجیکوہجراکیرڈرتالیستزر‬
‫مہوتاانیئیکتچب‪،‬انکٹولیجوکاانپےناورامیلمظنوطبضرپوکحتمیکوتہجاکیھبریخدقممرکےت‬ ‫ںیہ۔انرشیپوتفںےناکروابروںاوراصرنیفںیماسکیںاامتعدوکاحبلرکےنںیمدمدیک۔اسےک‬
‫ںیہ۔اتمہ‪،‬ریٹفاورسکیٹیکاپویسیلںںیمابرابردبتایلیں‪،‬اخصوطررپوجوھچےٹانجنےک‬ ‫ابووجد‪،‬زمکورایںربرقارںیہ‪،‬نجںیمریغیکلمرسامہیاکریںیمیمک‪،‬زراتعاورتعنصںیماسیتخ‬
‫وبعشںوکاتمرثرکیتںیہ‪،‬ونیمرچکیفرزاوراصرنیفدوونںےکےئلریغینیقیوصراحتلدیپارکیتریتہ‬ ‫راکوںیٹ‪،‬اورریبوینرقوضںاکاھبریوبھجاشلمےہ۔‬
‫ںیہ‪.‬اسےبعشیکلمکمالصتیحوکوھکےنلےکےئلاکیلقتسم‪،‬وطلیدمیتہطقنرظنرضوریوہاگ۔‬ ‫اس �دبےتلوہےئاموحلےکدرایمن‪،‬آوٹوموٹرٹکیسزیتیےساحبلوہا‪،‬سجےنےلھچپاسلاکی‬
‫� �‬
‫پ �یل�� ج�گاسلےکدعبرخومڑایل۔اسمرفاکروںاوریکلہرمکلشاگڑویںیکرفوتخ‪43‬دصیف‬
‫آےگیکرطفدںیھکی‬ ‫ااضےفےکاسھترقتابی‪148,000‬ویسٹن(یپاےامیاےےکاتنجئ)کتچنہپیئگ‪،‬سجںیممک‬
‫� �‬
‫انف�س�گالتگ‪،‬اصرنیفےکاامتعدںیمرتہبیاوررپششکےئنامڈزل‪،‬اخصوطررپاہربئڈاگڑویں‬
‫اسیجہکمہامیلاسل‪2025-26‬ںیمآےگڑبھرےہںیہ‪،‬مہاتحمطوطررپرپادیمںیہ۔وسدیکمک‬ ‫ےکارجاءیکامحتیاحلصےہ۔اتمہرواںامیلاسلںیماامعتسلدشہاگڑویںیکدرآدماتاکہنیمخت‬
‫رشح‪،‬ادتعالدنسپارفاطزر‪،‬اوراہربئڈاورارٹکیلکاگڑویںاکڑباتھوہااایتخرزمدیوتعیسےکےیل‬ ‫رقتابی‪45,000‬ویسٹناگلایایگےہوج ‪2023‬کت ‪10‬دصیفےسیھبمکےکاقمےلبںیماقمیم‬
‫لیٹوڈنرفامہرکاتےہ۔مہوتعقرکےتںیہہکبلطیکراتفراجریرےہیگ‪،‬احالہکنریبوین‬ ‫امرٹیکاکرقتابیاکیاہتیئےہ۔اامعتسلدشہاگڑویںیکدرآدمںیمہیااچکنااضہفہنرصفیکلم‬
‫زمکورویںاوراسیتخراکووٹںوکاایتحطےسمظنمایکاجاناچےئہ۔‬ ‫ونیمرچکیفگنیکوطلیدمیتاافدتیوکزمکوررکراہےہہکلبکلمےکزرابمدہلےکذاخرئرپیھبااضیف‬
‫�‬
‫امہریارٹس� ی�� جکرتاحیجتںیموکیئدبتیلیںیہنآیئےہ‪:‬‬ ‫دابؤڈالراہےہ۔‬
‫درآدماترپااصحنرمکرکےنےکےئلولالکزئنشیوکوبضمطانبان۔‬
‫ینپمکیکاکررکدیگ‬
‫‪l‬‬

‫اصرنیفیکرضورایتاوراموحایلیترضورایتےکاطمقبدجدیاوراپدیئارلقنورحتک‬ ‫‪l‬‬

‫ےکلحاعتمرفرکواان۔‬
‫اسسپرظنمےکربسکع‪،‬ےھجمہیاتبےتوہےئوخیشوہریہےہہکآپیکینپمکےنامیلاسل‬
‫امیلمظنوطبضاورآرپلنشیتلیضفوکربرقاررانھک۔‬ ‫‪l‬‬
‫‪ 2024-25‬ںیمرتہباکررکدیگشیپیک۔وجالیئ ‪2024‬ںیمایرسسیفٹفلیکاکایمبالچن‬
‫وطلیدمیتتعنصیکرتیقےکےئلاسزاگراموحلوکینیقیانبےنےکےئلوکحتماوراکیٹس‬ ‫‪l‬‬ ‫ےکےجیتنںیمویٹنیکرفوتخزگہتشاسلےکاقمےلبںیم ‪56‬دصیفااضےفےکاسھت‬
‫وہڈلرزےکاسھترواطبوکوبضمطانبان۔‬ ‫‪33,757‬کتچنہپیئگ‪،‬سجےساسمرفاکروںےکےبعشںیم ‪84‬دصیفااضہفوہا۔اجتریتاگڑویں‬
‫ےکےبعشںیمیھب ‪32‬دصیفااضہفوہاویکہکناکروابراورڑیبےیکبلطںیمااضہفوہا۔ارگہچمجح‬
‫بسےسڑبھرک‪،‬امہریوتہجاےنپرئیشوہڈلرزےکےئلاپدیئارانمعفدیپارکےتوہےئ‪،‬اےنپ‬
‫ابیھباترخییکدنلبرتنیحطسےسےچینےہ‪،‬نکیلاساسلاحلصوہےنوایلرتیقاحبیلےکوحہلص‬
‫اصرنیفوکایعمر‪،‬افحتظاوردقررفامہرکےنرپےہ۔‬
‫ازفاااشرےاوراصرنیفےکاامتعدیکدجتدیوکاظرہرکیتےہ۔‬

‫ارتعاف‬ ‫اسےکےجیتنںیماخصلزلیسرویوینڑبھرک‪215.14‬اربروےپکتچنہپایگوجامیلاسل‬
‫‪ 2023-24‬ںیم ‪152.48‬اربروےپاھت۔دادنمشناہناکٹسٹنمجنیم‪،‬ولالکزئنشیںیمااضہف‬
‫وبرڈیکاجبنےسںیماےنپالمزنیم‪،‬ڈرلیز‪،‬وڈنیرزاوررشاتکداروںوکاکیلکشمنکیلانمعف‬ ‫اور اجنیچسکی رٹی ںیم اسزاگر ااتر ڑچاھؤ ےک ذرےعی لبق از سکیٹ انمعف زگہتش اسل ےک‪23.33‬‬
‫شخباسلںیمانیکتخستنحماورنگلرپہہتدلےسرخاجنیسحتشیپرکاناچاتہوہں۔مہینپمکرپ‬ ‫سکیٹےسےلہپ‬ ‫اربروےپےکاقمےلبںیمڑبھرک‪37.67‬اربروےپوہایگ۔درگیآدمینےنیھب‬
‫�ت ت‬
‫اامتعداوراامتعدےکےئلاےنپرئیشوہڈلرزےکرباربرکشزگارںیہ۔‬ ‫انمعفںیمرقتابی‪40‬دصیفہصحڈاال‪،‬وجےلھچپاسلےکاقمےلبںیم ‪10‬دصیفااضہفےہ۔���ی� ج��ایف‬
‫رئیشآدمینرتہبوہرک‪292.71‬روےپوہیئگوجامیلاسل ‪2023-24‬ںیم ‪191.78‬روےپ‬
‫مہاہللاعتٰیلےسداعوگںیہہکوہامہریاکووشںںیمربتکاطعرفامےئاوراپاتسکنیکآوٹوموٹ‬
‫یھت۔دعبازسکیٹاخصلانمعف‪23.01‬اربروےپکتچنہپایگوجزگہتشاسل ‪15.07‬ارب‬
‫اڈنرٹسیےکوبضمطلبقتسمیکریمعتےکزعمںیمامہریرامنہیئرفامےئ۔‬
‫روےپاھت۔‬
‫ہیاکررکدیگامہریومیٹںیککچل‪،‬امہرےاصرنیفیکوافداری‪،‬اورامہرےرئیشوہڈلرزےکاامتعداک‬
‫وبثتےہ۔‬

‫دمحمیلعآربیبح‬
‫رئیچنیم‬

‫‪Annual Report 2025 337‬‬

 ‫رئیچنیمیکاجزئہروپرٹ‬
‫وبرڈیکاکررکدیگےکابرےںیم‬
‫ش ��‬ ‫��‬
‫آیئامییسہنرصفزینپمکاٹکی‪2017‬اورلس��ڈزینپمک(وکڈآفاکروپرٹیوگرسنن)روگیل�ی���ز‪2019 ،‬ںیموبرڈآفڈارئرٹکیزاوراسیکویٹیمکںیکلیکشت‪،‬رطہقیاکراوراالجوسںےکوحاےلےسےط‬
‫دشہامتماقتوضںیکلیمعترکاتےہہکلباکروپرٹیوگرسننےکرتہبنیرطوقیںرپلمعرکےنیکیھبوکششرکاتےہ۔اساسلںیمہہیاتبےتوہےئوخیشوہریہےہہکوبرڈآڈٹیٹیمکیکرشاطئںیم‬
‫ااضہفایکایگےہاتہکرکسوکاشلمایکاجےکس۔اسرطحیباےیسوکوبرڈآڈٹاڈنیرکسیٹیمک(یباےآریس)ےکوطررپریرباڈنایکایگےہ‪،‬اسےکالعوہوبرڈ اچیآریٹیمکاعفلوطررپاکمرکریہےہ‬
‫اوراالخایقتیٹیمکیکامحتیاحلصےہ‪.‬انونیتںویٹیمکںیکدصارتآزادڈارئرٹکیزرکےتںیہاوریٹیمکیکاکررکدیگاوراتریثوکاجےنچنےکےئلاسالہنوخدصیخشتاکاظنمےہ۔وکڈآفاکروپرٹیوگرسنن‬
‫ےکتحتاڈنسومرٹینپمکڈٹیمل("ینپمک")ےکوبرڈآفڈارئرٹکیز("وبرڈ")اکاسالہناجزئہایلاجاتےہ۔اساجزئےاکدصقماسابتوکینیقیانبانےہہکوبرڈیکومجمیعاکررکدیگاوراتریثوکینپمکےکےئل‬
‫رقمررکدہاقمدصےکانترظںیموتاعقتےکربسکعامیپشئاورچنیبامرکایکاجےئ۔نجوبعشںںیمرتہبییکرضورتوہیتےہانرپانمبسوغرایکاجاتےہاورانشکیالپنایترایکاجاتےہ۔وبرڈیکصیخشت‬
‫ےکدصقمےکےئل‪،‬اکیاجعمایعمرایترایکایگےہ‪.‬وبرڈےناحلیہںیم‪30‬وجن ‪2025‬وکمتخوہےنواےلاسلےکےئلاینپاسالہنوخدصیخشتلمکمیکےہ‪،‬وجانمگمےہاورںیمروپرٹرکاتوہںہک‪:‬‬
‫م‬
‫اسلےکےئلوظنمردشہایعمریکاینبدےک ط�جقاجےنواالوبرڈیکومجمیعاکررکدیگیلستشخبیھتاورےلھچپاسولںےکاقمےلبںیمرتہبوہیئےہ۔‬
‫اانیمطنشخبےکوطررپومجمیعصیخشتدنمرہجذلیالزیمازجاءیکصیخشترپینبمےہ‪،‬وجینپمکےکاقمدصےکوصحلںیموبرڈےکرکداررپرباہراتسارثادنازوہےتںیہ‪:‬‬

‫وبرڈیکلیکشتاورونتع‪ :‬وبرڈآفڈارئرٹکیزآزاداورریغازگیوٹکیڈارئرٹکیزاکوتمازنرمبکرپلمتشمےہ‪،‬وجونتمعہطقنرظناوراہمرتوکزیمرپالاتےہ۔درہجدنبیےسعطقرظنامتم‬ ‫‪l‬‬

‫ڈارئرٹکیزاعفلوطررپامہوغرووخضاورہلصیفاسزیےکلمعںیمرصموفےھت۔‬

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‫ارٹس� ی�� جکرصموایفت‪ :‬وبرڈامتماکیٹسوہڈلرزےکافمداتیکوبضمطمیہفتاکاظمرہہرکاتےہ‪،‬ومشبلرئیشوہڈلرز‪،‬اصرنیف‪،‬المزنیم‪،‬وڈنیرزاورڑبےامیپےنرپاعمرشے۔اسےناےلگ‬
‫�‬ ‫�‬
‫‪l‬‬

‫نیتےساپچناسولںںیمینپمکےکاراقتءےکےئلاکیواحضارٹس� ی�� جکوژنایبنایکےہاورارٹس� ی�� جکوصنمہبدنبیےکےئلاکیفوتقصتخمایکےہ۔امتمامہآرپلنشیالعوقںںیمااظتنمےک‬

‫ےئلاسالہناکررکدیگےکادہافاورادہافیکواضتحیکیئگےہ۔‬

‫دعتسمیاوررگناین‪ :‬وبرڈےکربممانےناینپذہمدارویںوکدنتیہےساھبنای‪،‬اکروپرٹیِتمکحویلمعں‪،‬اقمدص‪،‬امیلایبانت‪،‬ٹجباوردرگیدیلکیروپرسٹاکلمکماجزئہاوروظنمریدییئگےہ۔‬ ‫‪l‬‬

‫االجوسںوکایھچرطحےسایتررکدہاڈنجیےاوریگشیپرفامہرکدہاجعمداتسوزیاتیکامحتیاحلصیھت‪،‬وبرڈےناےنپرفاضئوکؤمرثرطےقیےسااجنمدےنیےکےئلاکیفرفوکییسنئےکاسھت‬
‫االجسدقعنمایک۔‬

‫ی��‬ ‫��‬ ‫ک���ل� � � �‬

‫�‬
‫ربگنفیےکذرےعیارٹس � جکاورامایلیتاقمدصیکاجبنینپمکیکشیپرتف‬ ‫زبسنرپافرسنمامرٹینگن‪ :‬وبرڈااظتنہیم‪،‬ادنرویناورریبوینآڈرٹیزاورآزاد ��سیکاجبنےساباقدعیگےس ی‬ ‫‪l‬‬

‫ےسوخبیبآاگہراہ۔اسےناکروپرٹیادہافےکاسھتفصدنبیوکینیقیانبےنےکےئلربوتقاورومرثرگنایناوررامنہیئرفامہیک۔‬

‫وگرسنناوررٹنکولاموحل‪ :‬وبرڈےناکیوبضمطوگرسننرفمیورکاقمئایکےہ‪،‬وجدایدتناری‪،‬ااستحباورلیمعتےکرچلکوکرفوغدےرکبسےساورپےہ۔اسےنوبضمطدایلخرٹنکول‬ ‫‪l‬‬

‫انذفایکےہاوراکروپرٹیوگرسننںیمرتہبنیرطوقیںرپلمعریپاےہ‪،‬سجےسمیظنترھبںیماالخیقرطزلمعوکرفوغالمےہ۔‬

‫دمحمیلعآربیبح‬
‫رئیچنیم‬

‫‪338‬‬
FORM OF PROXY
36TH ANNUAL GENERAL MEETING

I/We
of
being member(s) of INDUS MOTOR COMPANY LIMITED, holding
ordinary shares, hereby appoint S/o Folio No.
of Karachi or failing him / her Mr. S/o CDC Part. ID & A/c #
of Karachi who is/are also member(s) of INDUS MOTOR COMPANY LTD as my /
our proxy in my/our absence to attend and vote for me/us and on my/our behalf at the Thirty Sixth Annual
General Meeting of the Company to be held on October 9, 2025 and / or any adjournment thereof.
As witness my / our hand/ seal this day of
Signed by the said
in the presence of
Signed in the presence of:

Member’s Folio / Affix revenue Recent photograph of

CDC Account No. Stamp of Rs. 5 Proxy, who will attend
(Sign should agree with AGM through Video
specimen registered Video Conference
with the Company)

Witness 1 Witness 2
Signature Signature
Name Name
CNIC / Passport No. CNIC / Passport No.
Address Address

NOTES
1. This proxy form duly completed and signed, must be received at the office of the Company’s Share
Registrar, not less than 48 hours before the time of holding the meeting.
2. No person shall act as proxy unless he/she himself/herself is a member of the Company, except that a
corporation may appoint a person who is not a member.
3. If a member appoints more than one proxy and more than one instrument of proxy are deposited by a
member with the Company, all such instruments of proxy shall be rendered invalid.
For CDC Account Holders/Corporate Entities:
In addition to the above the following requirements have to be met:
i) The proxy form shall be witnessed by two persons whose names, addresses and CNIC numbers shall be
mentioned on the form.
ii) Attested copies of CNIC or the passport of the beneficial owners and the proxy shall be furnished with
the proxy form.
iii) In case of corporate entity, the Board of Directors’ resolution / power of attorney with specimen signature
and recent photograph of the Nominee shall be submitted (unless it has been provided earlier) alongwith
proxy form to the Company.

Annual Report 2025 339

 Affix
Correct
Postage
Registrar, Indus Motor Company Limited
M/s. CDC Share Registar Services Limited,
CDC House, 99-B, Block “B”, S.M.C.H.S.,
Main Shahrah-e-Faisal,
Karachi-74400.

340
 ‫رپایسکافرموسیتھچںیاسالہنرنجلاالجس‬
‫ںیم‪/‬مہ۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔وج۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔ےسقلعتمںیہ‪،‬اڈنسومرٹینپمکڈٹیملےکربممںیہ‬
‫اور۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔ومعیمصصحرےتھکںیہ‪،‬زبرہعیربمماکانم۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔وجہک(رہشاکانم)۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔ےسقلعتم‬
‫ےہ‪،‬اوراناکوفویلربمن‪/‬یسڈییسااکوٹنربمن۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔ےہ‪،‬ایانیکریغ احرضیرےنہیکوصرتںیم(ربمماکانم)۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔وجہک‬
‫(رہش اکانم)۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔قلعتمےہ‪،‬اوراناک وفویلربمن‪/‬یسڈییسااکوٹنربمن۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔وجاڈنسومرٹینپمکےک‬
‫ربممںیہاور ‪9‬اوتکرب ‪2025‬وکدقعنموہےنوایلینپمکےکوسیتھچںیاسالہنرنجلاالجسایاسےساوتلاںیمووگنٹےلیکریمی‪/‬امہریریغوموجدیگںیمریمے‪/‬امہرےرپایسک‪/‬اتخمرںیہ۔‬
‫وطبروگایہرپریمے ‪/‬امہرےدطختس‪/‬رہمومرہخ۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔رباےامہ۔۔۔۔۔۔۔۔۔۔۔۔۔تبثںیہ‬
‫درجذلیوگاوہںیکوموجدیگںیمریمےدطختسہیںیہ۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬

‫۔۔۔۔۔۔۔۔۔رپایسکیکاحہیلوصتری‪،‬وجوڈیوی‪313131123213132132‬اذخدشہآدمین‪5‬روےپ‬
‫۔۔۔۔۔۔۔۔۔اکرفنسنےکذرےعیاےیجامی‪313131113213132132‬اکڈاکٹکٹ‬
‫۔۔۔۔۔۔۔۔۔ںیمرشتکرکںیےگ‬
‫ربمماکوفویل‪/‬یسڈییسااکؤٹنربمن‬ ‫۔(دطختسینپمکےکاسھت‬
‫ررٹسجڈومنےنےسقفتموہاناچےئہ)۔‬

‫وگاہ ربمن‪21321231131.......................1212121212122121............1‬وگاہ ربمن‪2‬‬

‫دطختس‪ :‬۔ ۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‪123123131313213‬دطختس‪ :‬۔ ۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫انم‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‪ 123123131313213‬انم‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫۔۔۔۔۔۔۔۔۔۔۔۔۔اپوپسرٹربمن‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫‪/CNIC‬‬ ‫۔۔۔۔۔۔۔اپوپسرٹ ربمن ‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‪1231231313‬‬
‫‪/CNIC‬‬
‫ہتپ‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‪ 123123131313213‬ہتپ‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬

‫ونٹ‬
‫‪١‬۔ہیرپایسکافرماباقدعہوطررپلمکماوردطختسدشہےہ‪،‬ینپمکےکرئیشررٹسجارےکدرتفںیموموصلوہانرضوریےہ‪،‬گنٹیمدقعنمرکےنےکوتقےسمکازمک‪48‬ےٹنھگےلہپ۔‬
‫‪٢‬۔وکیئیھبصخشرپایسکےکوطررپاکمںیہنرکےاگبجکتہکوہوخدینپمکاکرنکہنوہ‪،‬وساےئاسےکہکاکروپرنشییسکاےسیصخشوکرقمررکےوجربممںیہنےہ۔‬
‫‪٣‬۔ارگوکیئرنکاکیےسزایدہرپایسکرقمررکاتےہاوریسکرنکیکرطفےسینپمکےکاپسرپایسکےکاکیےسزایدہارٹسنوسٹنمعمجرکواےئاجےتںیہوترپایسکےکاےسی‬
‫ئ‬
‫دےئیاجںیئےگ۔‬‫امتمارٹسنوسٹنمریغاقونینرقار ی‬

‫یسڈییسااکؤٹنوہڈلرز‪/‬اکروپرٹیاداروںےکےئل‬
‫دنمرہجابالےکالعوہدنمرہجذلیرضورایتوکوپرارکانوہاگ‬
‫ا) رپایسکافرموکدوارفاددںیھکیےگنجےکانم‪،‬ےتپاورانشیتخاکرڈربمنافرمرپدرجوہںےگ۔‬
‫ب) انشیتخاکرڈیکدصتقیدشہاکایپںایافدئہااھٹےنواےلاماکلناوررپایسکےکاپوپسرٹوکرپایسکافرمےکاسھتشیپایکاجےئاگ‬
‫ج) اکروپرٹیادارےےکاعمےلمںیم‪،‬وبرڈآفڈارئرٹکیزیکرقارداد‪/‬اپورآفااٹرینسجںیمومنہندطختساورانزمدیکاحہیلوصتریاشلموہ(بجکتہکہیےلہپرفامہ‬
‫۔۔۔۔۔ہنیکیئگوہ)ینپمکوکرپایسکافرمےکاسھتشیپیکاجےئیگ۔‬

‫‪Annual Report 2025 341‬‬

 ‫‪Affix‬‬
‫‪Correct‬‬

‫ررٹسجار‪،‬اڈنسومرٹینپمکڈٹیمل‬
‫‪Postage‬‬

‫�‬
‫‪122121‬رئیشررٹسجاررسوزس ی‬
‫دٹیملڈ‬ ‫رسیمز ‪CDC‬‬
‫یس ڈی یس اہؤس‪99-B ،‬‬
‫‪ 122121‬البک"یب"دنسیھملسموکآرپوٹیاہؤگنسوساسیٹئ‬
‫نیم اشرہاہ لصیف‪ ،‬رکایچ۔ ‪74400‬‬

‫‪342‬‬
ELECTRONIC DIVIDEND
MANDATE FORM
INDUS MOTOR COMPANY LIMITED

In accordance with the provisions of section 242 of the Companies Act, 2017 and Companies (Distribution
of Dividend) Regulations, 2017, it is mandatory that dividend payable in cash shall only be paid through
electronic mode directly into the bank account designated by the entitled shareholder.

Shareholders are requested to send the attached Form duly filled and signed, along with attested copy
of their CNIC to the Company’s Share Registrar M/s. CDC Share Registrar Services Limited, CDC House,
99-B, Block-B, SMCHS, Main Shahrah-e-Faisal, Karachi. Shareholders who hold shares with Participants /
CDC are advised to provide the Dividend Mandate and attested copy of CNIC, directly to their concerned
Broker (Participants) / CDC.

My Bank account details for credit of dividend are as below

Name of shareholder

Folio Number / CDC A/c No. of Indus Motor Company Limited.

Address of Shareholder

Mobile number of shareholder

Title of Account (*)

Account Number

IBAN Number (**)

Name of Bank

Bank branch & Code

Mailing Address of Branch

CNIC No. (attach attested copy)

([Link])
NTN (in case of corporate entity)

It is stated that the above particulars given by me are correct and to the best of my knowledge; I shall
keep theCompany informed in case of any changes in the said particulars in future.

Shareholder’s Signature Date

NOTES:

* Joint account holders shall specify complete Title of Account including Shareholders name.
** Please provide complete IBAN Number, after checking with your concerned Bank branch to enable
electronic credit directly into your bank account.

Annual Report 2025 343

 ‫ارٹکیلاکنڈویڈیڈنڈنیمٹیافرم‬
‫اڈنسومرٹینپمکڈٹیمل‬

‫ش ��‬
‫زینپمکاٹکی‪2017،‬یکدہعف ‪242‬اورزینپمک(ڈویڈیڈنیکمیسقت)روگیل�ی���ز‪2017 ،‬یکداعفتےکاطمقب‪،‬ہیالزیمےہہکدقنںیماداےیکاجےنواےلانمعفیکادایگیئرصفارٹکیلاکنرطےقیےسرباہ‬
‫راتسدقحاررئیشوہڈلرےکانزمدرکدہکنیبااکؤٹنںیمیکاجےئیگ۔‬

‫رئیشوہڈلرزےسدروخاتسیکاجیتےہہکوہکلسنمافرموکحیحصرطےقیےسرھباوہااوردطختسدشہاےنپانشیتخاکرڈیکدصتقیدشہاکیپےکاسھتکلسنمافرمینپمکےکرئیشررٹسجاررسیمزیسڈییسرئیش‬
‫ررٹسجاررسوزسڈٹیمل‪،‬یسڈییساہؤس‪ 99،‬یب‪،‬البکیب‪،‬اسیامییساچیاسی‪،‬نیماشرہاہلصیف‪،‬رکایچوکاراسلرکںی۔رئیشوہڈلرزوجرشاکء‪/‬یسڈییسےکاسھتصصحرےتھکںیہاںیہنوشمرہ‬
‫دایاجاتےہہکوہاےنپہقلعتمربورک(رشاکء)‪/‬یسڈییسوکرباہراتسڈویڈیڈنڈنیمٹیاورانشیتخاکرڈیکدصتقیدشہاکیپرفامہرکںی‬

‫ڈویڈیڈنےکرکڈیٹےکےئلریمےکنیبااکؤٹنیکالیصفتتدرجذلیںیہ۔‬
‫رئیشوہڈلراکانم‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫وفویلربمن‪/‬یسڈییساے‪/‬یسربمن‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔اکاڈنسومرٹینپمکڈٹیمل‬
‫رئیشوہڈلراکہتپ‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫رئیشوہڈلراکومابلئربمن‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫**ااکؤٹناکونعان‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫ااکؤٹنربمن‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫انی ربمن‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬ ‫**یباے‬
‫‪IBAN‬‬ ‫**‬

‫کنیباکانم‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫کنیبرباچناوروکڈ‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫رباچناکگنلیماڈیرسی‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫انشیتخاکرڈربمن(دصتقیدشہاکیپکلسنمرکںی) ‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬
‫انییٹانی(اکروپرٹیادارےےکاعمےلمںیم) ‪:‬۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔‬

‫دصتقییکاجیتےہہکریمیرطفےسدییئگدنمرہجابالالیصفتتحیحصںیہاورریمےملعےکاطمقبںیہ۔لبقتسمںیمذموکرہالیصفتتںیمیسکیھبدبتیلییکوصرتںیمںیمینپمکوکعلطمایکاجےئاگ۔‬

‫۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔۔اترخی‪...................21212122121...................121211212121212122121‬رئیشوہڈلرےکدطختس‬

‫ونٹ‬
‫وجاٹنئااکؤٹنوہڈلرزوہےنیکوصرتںیم رئیشوہڈلرزاےنپانمتیمسااکؤٹناکلمکمونعانایبنرکںیےگ۔‬ ‫(*)‬
‫(**)۔ رباہرکماےنپکنیبااکؤٹنںیمارٹکیلاکنرکڈیٹوکرباہراتساعفلرکےنےکےئلاینپہقلعتمکنیبرباچنےسکیچرکےنےکدعبلمکمآیئیباےانیربمنرفامہرکںی۔‬

‫‪344‬‬
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