Earnings Report /

Honda Atlas: MY23 Review - Better gross margins overshadowed by Fx losses

  • HCAR has reported NLAT of PKR824mn (LPS: PKR5.77) in 4QMY23 as compared to our expected NLAT of PKR705mn (LPS: PKR4.94)

  • Improved GMs of 12.5% (up 7.9ppt YoY) were overshadowed by significant Fx losses, which are reflected in other expenses

  • HCAR may continue to struggle in 1QMY23 as high inflation and rising interest rates are likely to dampen demand

Shahmir Malik
Intermarket Securities
26 May 2023


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