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>Nishat Mills Limited (NML) recorded unconsolidated loss of Rs286mn (LPS: Rs0.81) in 3QFY24 compared to earnings of Rs3.3bn in 3QFY23 (EPS: Rs9.39).</li><li>This takes 9MFY24 earnings to Rs5.3bn (EPS: Rs15.21) as compared to Rs11.1bn in 3QFY23 (EPS: 31.67). The major contributors for the 52% YoY fall is the 79% YoY rise in finance cost and 61% YoY rise in taxation.</li><li>The result came lower than expectations, due to higher than expected effective tax rate of 140% for 3QFY24 (2.29% of turnover). Effective tax rate was 46% in 2QFY24 (2.53% of turnover) and 17% in 3QFY23 (1.82% of turnover). We await for the release of detailed accounts to gain clarity on this.</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>

Nishat Mills Limited (NML) recorded unconsolidated loss of Rs286mn (LPS: Rs0.81) in 3QFY24 compared to earnings of Rs3.3bn in 3QFY23 (EPS: Rs9.39).This takes 9MFY24 earnings to Rs5.3bn (EPS: Rs15.21) as compared to Rs11.1bn in 3QFY23 (EPS: 31.67). The major contributors for the 52% YoY fall is the 79% YoY rise in finance cost and 61% YoY rise in taxation.The result came lower than expectations, due to higher than expected effective tax rate of 140% for 3QFY24 (2.29% of turnover). Effective tax rate was 46% in 2QFY24 (2.53% of turnover) and 17% in 3QFY23 (1.82% of turnover). We await for the release of detailed accounts to gain clarity on this.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.

Nishat Mills Limited (NML): 3QFY24 LPS at Rs0.81 - Earnings lower than industry expectations