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>Millat Tractors Limited (MTL) announced its 4QFY24 result today, where the company recorded profit of Rs2.06bn (EPS of Rs10.73), up 65% YoY. The result came lower than industry expectations.</li><li>This takes FY24 earnings to Rs9.9bn (EPS of Rs51.7) compared to FY23 profit of Rs3.4bn (EPS of Rs17.61), up 2.94x YoY.</li><li>MTL did not announce a final cash dividend, falling short of industry expectations. This is due to the pending approval of the merger scheme between MTL and Millat Equipment Limited (MEL) by the Lahore High Court (LHC). As per the merger scheme, MTL is not permitted to pay any dividends until the LHC grants approval.</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>

Millat Tractors Limited (MTL) announced its 4QFY24 result today, where the company recorded profit of Rs2.06bn (EPS of Rs10.73), up 65% YoY. The result came lower than industry expectations.This takes FY24 earnings to Rs9.9bn (EPS of Rs51.7) compared to FY23 profit of Rs3.4bn (EPS of Rs17.61), up 2.94x YoY.MTL did not announce a final cash dividend, falling short of industry expectations. This is due to the pending approval of the merger scheme between MTL and Millat Equipment Limited (MEL) by the Lahore High Court (LHC). As per the merger scheme, MTL is not permitted to pay any dividends until the LHC grants approval.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.

Millat Tractors Limited (MTL): FY24 EPS at Rs51.70, Earnings Lower than Industry Expectations