1Q result has come in higher than our expected EPS of PKR0.78, but lower distribution cost offset a miss on GMs.
International Steels Ltd (ISL) has posted NPAT of PKR448mn (EPS: PKR1.03) in 1QFY23, down a sharp 83% YoY.
ISL posted a gross margin of 13.5%, down 4.2ppt/0.2ppt YoY/QoQ, lower than our expectation of 14.1%.
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