External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Engro Fertilizers (EFERT) posted higher volumes on YoY basis in 1Q2024, with DAP offtakes increasing by 85% YoY to 83K tons and Urea offtakes increasing by 13% YoY to 622K tons. Urea offtakes included 75K tons of Imported Urea volumes and Zabardast Urea (Zinc Urea).</li><li>Shortage of urea forced the government to import around 220K tons in 2023 to meet the domestic requirement. Unlike previous incidents, no subsidy was offered to Fertilizer players. EFERT had a 35% share of these imports.</li><li>Regarding Zinc Urea, management commented that in 2023 they sold 350K tons of this specialty Urea and this year they have already sold 47% higher volumes on a YoY basis in 1Q2024.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Engro Fertilizers (EFERT) posted higher volumes on YoY basis in 1Q2024, with DAP offtakes increasing by 85% YoY to 83K tons and Urea offtakes increasing by 13% YoY to 622K tons. Urea offtakes included 75K tons of Imported Urea volumes and Zabardast Urea (Zinc Urea).Shortage of urea forced the government to import around 220K tons in 2023 to meet the domestic requirement. Unlike previous incidents, no subsidy was offered to Fertilizer players. EFERT had a 35% share of these imports.Regarding Zinc Urea, management commented that in 2023 they sold 350K tons of this specialty Urea and this year they have already sold 47% higher volumes on a YoY basis in 1Q2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Engro Fertilizers Limited (EFERT) - Corporate Briefing Key Takeaways