Earnings Report /
Pakistan

Mughal Iron & Steel Industries: 1QFY22 review – Strong start to the year; earnings beat

  • MUGHAL announced a 1QFY22 EPS of PKR5.03, higher than our expectation of PKR2.86 amid higher gross margins

  • The c.7ppt qoq rise in gross margins is attributed to improvements in both ferrous and non-ferrous segments

  • We have a Buy rating on MUGHAL with a June 2022 TP of PKR123/sh

Abdul Ghani Mianoor
Intermarket Securities
29 October 2021