External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Engro Fertilizers (EFERT) announced its 3Q2024 financial result today, wherein the company recorded a consolidated quarterly profits of Rs8.5bn (EPS: Rs6.41), down 11% YoY and up 5.1x QoQ.</li><li>This takes 9M2024 earnings to Rs17.9bn (EPS: Rs13.47) up 20% YoY.</li><li>Along with the results, the company also declared cash dividend of Rs2.5/share, lower than market expectations of Rs5-6/share. This takes total 9M2024 cash dividend to Rs13.5/share (payout 100%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Engro Fertilizers (EFERT) announced its 3Q2024 financial result today, wherein the company recorded a consolidated quarterly profits of Rs8.5bn (EPS: Rs6.41), down 11% YoY and up 5.1x QoQ.This takes 9M2024 earnings to Rs17.9bn (EPS: Rs13.47) up 20% YoY.Along with the results, the company also declared cash dividend of Rs2.5/share, lower than market expectations of Rs5-6/share. This takes total 9M2024 cash dividend to Rs13.5/share (payout 100%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Engro Fertilizers (EFERT): 3Q2024 EPS at Rs6.41, down 11% YoY (earnings higher than expectations)

Thematic (Sector/Industry)

<ul><li>Pakistan Urea sales in Sep-2024 is expected to clock in at 365k tons, down 35% YoY compared to 564k tons in Sep-2023. The significant decline is attributed to higher Urea prices and weaker farmer economics, according to our channel checks.</li><li>Urea sales is also expected to down 35% MoM due to seasonal factors.</li><li>Urea sales in 9M2024 is expected to clock in at 4.6mn tons compared to 5.0mn tons in 9M2023, down 8% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Urea sales in Sep-2024 is expected to clock in at 365k tons, down 35% YoY compared to 564k tons in Sep-2023. The significant decline is attributed to higher Urea prices and weaker farmer economics, according to our channel checks.Urea sales is also expected to down 35% MoM due to seasonal factors.Urea sales in 9M2024 is expected to clock in at 4.6mn tons compared to 5.0mn tons in 9M2023, down 8% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Fertilizers: Urea sales for Sep-2024 is expected to clock in at 365k tons, down 35% YoY

<ul>
<li>Pakistan Urea sales in Aug-2024 is expected to clock in at 560k tons, down 14% YoY compared to 650k tons in Aug-2023. Similarly, Urea sales are expected to be down 9% MoM due monsoon season.</li>
<li>Urea sales in 8M2024 is expected to clock in at 4.2mn tons compared to 4.4mn tons in 8M2023, down 4% YoY.</li>
<li>This is likely to take closing inventory of Urea to be around 397k tons in Aug-2024, down from 399K tons in Jul-2024.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Pakistan Urea sales in Aug-2024 is expected to clock in at 560k tons, down 14% YoY compared to 650k tons in Aug-2023. Similarly, Urea sales are expected to be down 9% MoM due monsoon season.
Urea sales in 8M2024 is expected to clock in at 4.2mn tons compared to 4.4mn tons in 8M2023, down 4% YoY.
This is likely to take closing inventory of Urea to be around 397k tons in Aug-2024, down from 399K tons in Jul-2024.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Fertilizers: Urea sales for Aug-2024 is expected to clock in at 560k tons, down 14% YoY

<ul><li>Pakistan Urea sales in Jul-2024 is expected to clock in at 611k tons, down 3% YoY compared to 629k tons in Jul-2023. However, Urea sales are expected to be up 27% MoM due to seasonality factor.</li><li>Urea sales in 7M2024 is expected to clock in at 3,648K tons compared to 3,730k tons in 7M2023, down 2% YoY.</li><li>This is likely to take closing inventory of Urea to be around 401k tons in Jun-2024, down from 430K tons in Jun-2024.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Urea sales in Jul-2024 is expected to clock in at 611k tons, down 3% YoY compared to 629k tons in Jul-2023. However, Urea sales are expected to be up 27% MoM due to seasonality factor.Urea sales in 7M2024 is expected to clock in at 3,648K tons compared to 3,730k tons in 7M2023, down 2% YoY.This is likely to take closing inventory of Urea to be around 401k tons in Jun-2024, down from 430K tons in Jun-2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Fertilizers - Urea Sales for Jun-2024 at 483k Tons Down 21% YoY.

<ul><li>Engro Fertilizers (EFERT) announced its 2Q2024 financial result today, wherein the company recorded a consolidated quarterly profits of Rs1.7bn (EPS: Rs1.25), up 57% YoY and down 79% QoQ.</li><li>The result came lower than industry expectations due to lower than expected gross margins and higher than expected finance cost.</li><li>EFERT has also revised down its 1Q2024 earnings to Rs7.7bn (EPS: Rs5.81) compared to earlier reported profit of Rs10.78bn (EPS: Rs8.08). This is because the company has now booked unamortized cost of Rs5.3bn on imported urea in 1Q2024 instead of earlier on pro-rata basis.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Engro Fertilizers (EFERT) announced its 2Q2024 financial result today, wherein the company recorded a consolidated quarterly profits of Rs1.7bn (EPS: Rs1.25), up 57% YoY and down 79% QoQ.The result came lower than industry expectations due to lower than expected gross margins and higher than expected finance cost.EFERT has also revised down its 1Q2024 earnings to Rs7.7bn (EPS: Rs5.81) compared to earlier reported profit of Rs10.78bn (EPS: Rs8.08). This is because the company has now booked unamortized cost of Rs5.3bn on imported urea in 1Q2024 instead of earlier on pro-rata basis.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Engro Fertilizers (EFERT); 2Q2024 EPS at Rs1.25, (Earnings Lower than Industry Expectations)

Pakistan

Engro Fertilizers Limited is a fertilizer manufacturing and marketing company with products that focus on balanced crop nutrition and increased yield.

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Engro Fertilizer (EFERT PA)

Engro Fertilizers (EFERT): 3Q2024 EPS at Rs6.41, down 11% YoY (earnings higher than expectations)

Engro Fertilizers (EFERT) announced its 3Q2024 financial result today, wherein the company recorded a consolidated quarterly profits of...

Topline Securities

Pakistan Fertilizers: Urea sales for Sep-2024 is expected to clock in at 365k tons, down 35% YoY

Pakistan Urea sales in Sep-2024 is expected to clock in at 365k tons, down 35% YoY compared to 564k tons in Sep-2023. The significant decline...

Topline Securities

Pakistan Fertilizers: Urea sales for Aug-2024 is expected to clock in at 560k tons, down 14% YoY

Pakistan Urea sales in Aug-2024 is expected to clock in at 560k tons, down 14% YoY compared to 650k tons in Aug-2023. Similarly, Urea sales...

Topline Securities

Pakistan Fertilizers - Urea Sales for Jun-2024 at 483k Tons Down 21% YoY.

Pakistan Urea sales in Jul-2024 is expected to clock in at 611k tons, down 3% YoY compared to 629k tons in Jul-2023. However, Urea sales...

Topline Securities

Engro Fertilizers (EFERT); 2Q2024 EPS at Rs1.25, (Earnings Lower than Industry Expectations)

Engro Fertilizers (EFERT) announced its 2Q2024 financial result today, wherein the company recorded a consolidated quarterly profits of Rs1.7bn...

Topline Securities

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