Earnings Report /
Pakistan

Nishat Mills: 4QFY21 result review – earnings beat on higher gross margins

  • NML posted an unconsolidated EPS of PKR6.48, amid a rise in GMs, beating our expectations of PKR3.87

  • GMs rose c.3ppt, likely due to improved Spinning segment margins, in our view; NML announced final DPS of PKR4.0

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

Saad Ali
Saad Ali

Head of Research

Intermarket Securities
20 September 2021