Earnings Report /
Pakistan

Gul Ahmed Textile Mills Ltd: 4QFY21 result review – earnings miss on lower-than-expected revenues

  • GATM posted a consolidated EPS of PKR3.25 for 4QFY21, lower than our expectations amid lower-than-expected revenues

  • GMs declined by a modest 0.7ppt qoq to c.21% due to a decline in both Retail segment sales and margins

  • GATM is one of our top picks in the IMS Universe; we have a Buy stance with a June’22 TP of PKR63/sh

Abdul Ghani Mianoor
Intermarket Securities
28 October 2021