Earnings Report /
Pakistan

Nishat Mills: 1QFY22 review – Earnings beat on higher revenues and gross margins

  • NML posted an unconsolidated EPS of PKR9.36, amid sharp rise in both revenue and GM, beating our expectations of PKR5.71

  • We suspect that the c.3ppt qoq rise in GMs can be attributed to improved Spinning segment margins

  • We reiterate our Buy stance on NML with a June 2022 TP of PKR140/sh amid robust order flows

Abdul Ghani Mianoor
Intermarket Securities
29 October 2021