Earnings Report /

Honda Atlas: 1QMY23 Review - Strong beat from higher margin

  • HCAR announced 1QMY23 EPS of PKR4.61, beating our expectation due to higher margin and lower taxation charge

  • Despite multiple price hikes GMs clocked in at 6.3% down c.1ppt YoY due to elevated input costs and sharp PKR slippage

  • Going forward, sales and margins are likely to be under pressure amid monetary and administrative tightening

Abdul Ghani Mianoor
Intermarket Securities
26 July 2022


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