Earnings Report /
Pakistan

Millat Tractors: 1QFY22 review – Sequentially lower profits; broadly in-line

  • MTL announced a 1QFY22 EPS of PKR21.55 fully diluted, broadly in line with our expectations, amid higher GMs

  • GMs rose 1.3ppt qoq amid c.5% rise in tractor prices during the quarter, despite a sharp decline in volumes, in our view

  • We prefer MTL (Buy; TP of PKR1,217; bonus adjusted) as our top pick in the Tractor sector due to its consistent payout

Abdul Ghani Mianoor
Intermarket Securities
27 October 2021